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Dec 10 - 09:55 PM

AUD/USD - Profit Taking - Commodities Underpin Strong Uptrend

By Andrew M Spencer  —  Dec 10 - 07:20 PM
  • -0.15% - profit taking into Thursday's commodity led 1.25% bounce

  • Expectations of a vaccine lead global economic rebound support

  • Commodity strength is overcoming increased China trade tension

  • A commodity correction, would probably bring China back centre stage

  • Charts, daily, weekly and monthly 5, 10 & 21 MAs all trend higher

  • 0.7516, 76.4% of 2018-2020 fall broken - door open to 0.8136 2018 top

  • Close below 0.7433 10 DMA, a base in this climb, ends topside bias

  • NY 0.7483-0.7540 range is initial support-resistance

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aud dec 11 Click here

Source:
Refinitiv IFR Research/Market Commentary

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