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Aug 10 - 07:55 PM

AUD/USD - Soars Higher After Softer US CPI Cheers The Bulls

By John Noonan  —  Aug 10 - 06:35 PM
  • AUD/USD opens +1.71% after softer US CPI sent USD reeling and risk assets skyward nL1N2ZM1U0nL1N2ZM2LTnL1N2ZM0IJ

  • AUD and NZD were the best performing currencies on Wednesday

  • AUD/USD broke and closed above strong resistance at 0.7045/55

  • It traded above the 100-day MA at 0.7092, but didn't close above

  • The 100-day MA descends to 0.7087 with next resistance @ 200-day MA @ 0.7152

  • Not far above is the 50% retracement of the year's high/low at 0.7171

  • Support is at former resistance at 0.7045/55

  • AUD/USD trending higher with the 5,10 & 21-day MAs in a bullish alignment

  • Key in Asia will be reaction in Asian equity and commodity markets

  • For more click on FXBUZ










Source:
Refinitiv IFR Research/Market Commentary

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