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Dec 31 - 01:55 PM

AUD/USD - Froth Trimmed Back After 2.4% Final 2020 Week Rise

By Randolph Donney  —  Dec 31 - 11:50 AM
  • AUD/USD up 2.4% this week before broader USD pullback into Ldn close

  • Prices a bit overbought, with daily RSI in divergence thus far

  • Prices also spiking past upper 21-day Bolli at 0.7718 last

  • Will be watching Monday to see if prices can clear that Bolli

  • If not, risk of mean reversion to the 21-DMA at 0.7552 increases

  • Weekly RSIs also getting overbought, but no divergence yet

  • Decent China PMIs nL1N2JB01O supportive of commodity-linked currencies

  • Eventual retest of 2018's 0.8136 peak is expected in 2021

  • Washington angst on the agenda into New Year nL1N2JB10T

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Source:
Refinitiv IFR Research/Market Commentary

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