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Jul 13 - 01:55 PM

AUD/USD - Shallow Dip Is A Good Sign For Longs

By Christopher Romano  —  Jul 13 - 12:55 PM
  • AUD/USD encounters wild price swings after above estimate CPI nL1N2YU10J

  • Pair makes two runs down toward 0.6720 but the dips are bought each time

  • AUD/USD then rallied as stocks, copper, AUD/JPY bounce on improve risk

  • Pair turned positive and neared 0.6805; daily RSI rises, 10-DMA threatened

  • Pair back above 50% Fib of 0.5510-0.8007, is encouraging for longs

  • Break above 0.6860/75, 21-DMA needed to give longs greater control

  • For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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