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Jul 26 - 03:55 PM

AUD/USD - Longs Stand Their Ground After US Data

By Christopher Romano  —  Jul 26 - 01:35 PM
  • NY opened near 0.6560, traded 0.6551-0.65685, neared 0.6560 in NY afternoon

  • Pair held a tight range in NY but held onto most of the overnight gains

  • Balance risks helped keep action muted after US PCE, spending reports

  • US yieldUS2YT=RR drop, equityESv1 & goldXAU= gains limited downside

  • AUD/JPY drop below 100.90, USD/CNH rally limited the pair's topside

  • Hold above daily cloud base & rising daily RSI give longs comfort

  • Falling monthly RSI, inverted monthly hammer, hold below 200-DMA worry longs

  • June JOLTS, July ADP & payroll reports are key data risks next week

  • Fed meeting risk looms, no change expected so Powell's presser will be key

  • For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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