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Sep 29 - 11:55 PM

AUD/USD - Sharp Rebound In Iron Ore Underpins AUD/USD Rally

By John Noonan  —  Sep 29 - 11:17 PM
  • AUD/USD opened -0.91% at 0.7174 after USD soared and key commodities wilted

  • It was gently bid from the open, as E-minis rallied around 0.50%

  • AUD/USD traded up to 0.7190/95 with sellers tipped around 0.7200

  • China PMI was mixed and there wasn't an immediate reaction nL1N2QW025

  • Dalian iron ore rallied 8.5% at one stage and AUD/USD moved up to 0.7205

  • Heading into the afternoon the AUD/USD is trading just below the 0.7205 high

  • More selling orders tipped at former support at 0.7220/25

  • Resistance is at the 10-day MA at 0.7244 and break eases downward pressure

  • The next level of support is at the 2021 low at 0.7106

  • Key will be whether equities can stage a sustainable rebound

  • For more click on FXBUZ










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Source:
Refinitiv IFR Research/Market Commentary

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