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Jul 25 - 01:55 AM

AUD/USD - Pressured Early But Iron Ore Surge Underpins

By John Noonan  —  Jul 25 - 12:00 AM
  • AUD/USD opened 0.6922 after easing -0.17% on Friday

  • Heavy USD buying emerged early Asia and AUD/USD slid to 0.6878 nL1N2Z601B

  • Once the USD buying dried up, the AUD/USD settled and recovered

  • A surge in Dalian iron of over 8% helped the AUD/USD to move back to 0.6910 nL1N2Z6043

  • AUD/USD support is at 0.6840/45 where the 10 and 21-day MAs converge

  • A break below 0.6840 would intensify downward pressure after recent run higher

  • Resistance is at 0.6965/70 where a trend-line and the 55-day MA converge

  • AUD/USD topside likely limited while global growth concerns weigh on sentiment

  • For more click on FXBUZ










Source:
Refinitiv IFR Research/Market Commentary

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