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May 31 - 08:55 AM

AUD/USD - Near The Midpoint Of The Recent Range Into Key US PCE Report

By Christopher Romano  —  May 31 - 07:25 AM
  • AUD/USD fell below the 21-DMA, hit 0.66275, buyers emerged & rally ensued

  • Pair turned positive despite commodity HGv1DCIOc2, equity ESv1 drops

  • US yield US2YT=RRUS10YT=RR rise also did not keep AUD/UD from rallying

  • AUD/USD rallied above the 21- & 10-DMAs, hit 0.6656 early NY, was up +0.35%

  • The short covering has the pair near the mid point of its recent range

  • Techs lean bullish however; daily, monthly RSIs imply upward momentum

  • Bull pennant in place on daily charts reinforce the bullish signals

  • US April PCE and its potential impact on Fed policy is now in focus

  • A downside surprise may sink US yields, dollar & extend AUD/USD's rally

  • For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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