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Jan 11 - 05:55 PM

AUD/USD - Opens Modestly Higher Ahead Of Key US CPI

By John Noonan  —  Jan 11 - 05:25 PM
  • AUD/USD opens +0.19% after buoyant equities and commodities underpinned nL1N33W2EXnL1N33W0RO

  • Fundamental backdrop supports AUD/USD but buyers hesitate ahead of US CPI

  • Differential between US 10 year and AU 10-year yield widens in AUD favour

  • China optimism supporting key commodities and should underpin AUD

  • AUD/USD support at 10-day MA at 0.6840 and 200-day MA at 0.6833

  • Break below 0.6830 would suggest a short-term top is in place

  • Resistance is at Monday's 0.6950 high where sellers are tipped

  • A break above 0.6950 targets the 50% retracement of 2021/2022 fall at 0.7088

  • China CPI and PPI out today, but unlikely to impact price action

  • For more click on FXBUZ









Source:
Refinitiv IFR Research/Market Commentary

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