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Jul 28 - 01:55 AM

AUD/USD - Reverses Lower After Gold Gives Back Early Gains

By John Noonan  —  Jul 27 - 11:35 PM
  • AUD/USD opened 0.62% higher at 0.7149 and traded up to 0.7177

  • Move higher coincided with gold surging 2% higher to 1,980

  • Profit taking on gold has taken it below 1,940 and helped underpin USD

  • AUD/USD reversed lower and is below 0.7140 and down 0.15% for the day

  • The price action validates resistance at the July 22 high at 0.7184

  • AUD/USD trending higher with support at the 10-day MA at 0.7075

  • A close below 0.7075 would suggest the trend higher is waning

  • For more click on FXBUZ










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Source:
Refinitiv IFR Research/Market Commentary

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