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May 10 - 01:55 AM

AUD/USD - Consolidates Friday's Gains As Risk Assets Remain Bid

By John Noonan  —  May 10 - 12:08 AM
  • AUD/USD opened around 0.7750 after rising 0.77% Friday on US jobs miss nL1N2MU1WL

  • It moved up early Asia, as equities and commodities built on Friday's gains nL1N2MX03G

  • Lon copper rose over 1.5% in Asia while Dalian iron ore was up close to 10%

  • AUD/USD traded to 0.7862 before failing to break Friday's high ay 0.7863

  • Profit-taking pushed the AUD/USD back to 0.7837

  • Heading into the afternoon it was unchanged at 0.7845

  • There was no reaction to slight miss on Aus retail sales and strong NAB survey nL1N2MX01Y

  • AUD/USD resistance is at the 76.4 of the 0.8007/0.7532 move at 0.7895

  • A break above 0.7900 would put the 0.8007 2021 high in focus

  • Support is at former resistance at 0.7815/25

  • AUD/USD likely to trend higer while commodities and equities remain bid

  • For more click on FXBUZ










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Source:
Refinitiv IFR Research/Market Commentary

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