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May 10 - 08:55 AM

AUD/USD - Consolidation Is The Game Ahead Of CPI Risk

By Christopher Romano  —  May 10 - 07:15 AM
  • AUD/USD hit 0.6774 overnight then fell to 0.67495, NY opened near 0.6750

  • Drop aided by US yield US2YT=RR gains lifting US$; USD/CNH hit 6.9352

  • Falls in equities ESv1, iron-ore DCIOc2 help weigh down AUD/USD

  • AUD/USD still within May 8 daily range, implies consolidation phase in place

  • April US CPI looms, below estimate CPI reinforces view Fed may pause hikes

  • AUD/USD techs lean bullish; hold above 200-DMA, consolidation are bullish

  • Rising monthly RSI, bull pennant on daily chart reinforce bull signals

  • For more click on FXBUZ

Refinitiv IFR Research/Market Commentary


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