By Christopher Romano — Jul 31 - 09:45 AM
AUD/USD hit a near 3-month low, 0.6480 traded then a sharp rally ensued
US July ADP, Q2 employment costs weighed down yields US2YT=RR, US$
AUD/USD rallied back above the 61.8% Fibo of the 0.693625-0.67985 rally
0.6532 traded in NY after the data, pair remained down -0.15% however
Daily tech signals emerged which may cause AUD/USD shorts some concern
Daily RSI did not confirm today's low, large bull hammer candle formed
Daily cloud base begins rising & thinning next week, may act magnetically
Fed risk looms; if dovish clues hinted at AUD/USD may rally significantly
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Source:
Refinitiv IFR Research/Market Commentary