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Jul 25 - 11:55 PM

AUD/USD - China Optimism Lifting Commodities And AUD

By John Noonan  —  Jul 25 - 11:05 PM
  • Dalian iron ore up over 4.0% and Lon copper up 1.65% on China demand hopes

  • Recovery in metals attributed to China providing support for property funds

  • The rally in commodities forcing AUD/USD shorts to cover

  • Sentiment improving despite nagging global growth concerns

  • AUD/USD traded up to 0.6984 and is now 0.6975/80

  • Resistance at the 50% of the 0.7282/0.6682 move at 0.6982 capping for now

  • A break above 0.6990 targets the 61.8 of that move at 0.7053

  • For more click on FXBUZ










Source:
Refinitiv IFR Research/Market Commentary

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