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Jul 05 - 09:55 PM

AUD/USD - Support Holds But Vulnerable While Commodities Sink

By John Noonan  —  Jul 05 - 08:50 PM
  • AUD/USD bottomed ahead of key support for the second week in a row

  • The 50% retracement of the 0.5510/0.8007 move at 0.6758 is stubborn support

  • The steep fall in key commodities on recession fears still weigh on AUD/USD nL1N2YM02DnL1N2YM0LD

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

  • A close above the 10-day MA (0.6872) would ease the downward pressure

  • A close above the 21-day MA (0.6937) would suggest a bottom is in place

  • Sellers are tipped at 0.6805 and 0.6865 to help cap rallies from here

  • AUD/USD downside risks would increase if equity markets follow commodities

  • For more click on FXBUZ










Source:
Refinitiv IFR Research/Market Commentary

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