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Aug 23 - 07:55 PM

AUD/USD - Opens Higher As Commodity Optimism Provides A Base

By John Noonan  —  Aug 23 - 07:00 PM
  • AUD/USD opens +0.89% after USD broadly weakened on fall in US yields nL1N3A423BnL1N3A422B

  • AUD best performing major currency due to commodity optimismnL1N3A40LTnL4N3A40C9

  • AUD/USD closed above 10-day MA (0.6450 Wed)to suggest bottom is forming

  • Resistance is at 21-day MA at 0.6522 and break would end the trend lower

  • Fibo resistance is at the 38.2 of the 0.6895/0.6365 move at 0.6567

  • Support is at the 10-day MA at 0.6447 today and Wednesday low at 0.6411

  • Key in Asia will be moves in USD/CNH and Dalian iron ore

  • AUD/USD recovery will likely persist while commodities remain buoyant

  • Range unlikely to extend too far ahead of Powell speech at Jackson Hole Friday

  • For more click on FXBUZ

Refinitiv IFR Research/Market Commentary


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