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May 18 - 09:55 AM

AUD/USD: No Major Resistance Before 0.7891; Gold: Huge Topside Break - Citi

By eFXdata  —  May 18 - 08:32 AM

Citi discusses the technical outlook for AUD/USD and Gold and adopts a bullish bias on the 2 instruments.

"AUDUSD has been climbing today, but this mainly reflects (1) the overall USD weakness and (2) solid commodity prices. After recovering the 21d MA (around 0.776 now), no major resistance exists before the recent high at 0.7891, and we remain constructive with the pair in the medium term," Citi notes.

"CitiFX Technicals flags that the yellow metal has decisively broke above a quadruple resistance range at $1846-$1865 (falling trend line, rising channel top, 200 day MA and the Feb 10th 2021 high,) which leaves the double highs from late January 2021 at $1875-$1876 at a danger of being tested," Citi adds. 

 

Source:
Citi Research/Market Commentary

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