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Apr 12 - 01:55 PM

AUD/USD - Price Action Shouldn't Comfort Longs

By Christopher Romano  —  Apr 12 - 11:50 AM
  • AUD/USD rallied above the 10- & 21-DMAs after US March CPI data

  • Risk assets rallied as US rates SRAU3, US$ fell sharply

  • AUD/USD neared the April 6 daily high, hit 0.67225 then slide

  • Rate, US$ losses eroded and stocks turned negative on the session

  • AUD/USD fell below the 10- & 21-DMAs & below the April 11 daily high

  • A daily inverted hammer candle formed and a monthly doji is in place

  • AUD/USD longs need risk-on sentiment to intensify to gain more control

  • Fed minutes of March 21-22 meeting, US PPI & retail sales risks loom

  • If risk-off results from those events AUD/USD may near the March low

  • For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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