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May 31 - 01:55 PM

AUD/USD - Dip Buyers May Win This Battle

By Christopher Romano  —  May 31 - 12:55 PM
  • Hot running inflation drives concerns central banks will be more hawkish

  • Global bond yields rally which drives risk-off, bids for safe-haven US$

  • AUD/USD drops down to 0.7150, buyers emerge just ahead of Monday's daily low

  • Slight improvement in risk helps AUD/USD near flat on the session

  • A long legged doji candle forms, suggests buyers outnumbers the sellers

  • Rising monthly RSI, monthly bull hammer candle are significant bull signals

  • 0.7245/70 is a major impediment AUD/USD longs need to overcome however

  • 50% Fib 0.7661-0.6829, 55- & 200-DMAs, May 5 daily high all sit in that zone

  • Break of that zone likely triggers stops, targets 0.7340/50 & 0.7450/65

  • For more click on FXBUZ

audusd Click here

Source:
Refinitiv IFR Research/Market Commentary

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