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May 10 - 01:55 PM

AUD/USD - Longs Stumble On Approach To A Key Fibo

By Christopher Romano  —  May 10 - 01:17 PM
  • AUD/USD rallies to a 52-session high after breaking the Feb 26 daily high

  • Gains aided by copper, iron-ore rallies & USD/CNH sinking near 6.4000

  • AUD/USD hits 0.7891, lift stalls short of 76.4% Fib of 0.8007-0.7533 decline

  • US$ buying emerges, USD/CNH rallies away from t-l, April's low nL1N2MX1EX

  • AUD/USD erodes much of the session's earlier gains, nears 0.7860

  • A daily doji candle forms, could mean a pause in rally or a reversal is due

  • The 76.4% Fibo retracement is often a spot where trends correct or reverse

  • AUD/USD longs may face a pull back before the broader bull trend resumes

  • For more click on FXBUZ

aud/usd Click here

Source:
Refinitiv IFR Research/Market Commentary

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