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Aug 04 - 05:55 PM

AUD/USD - ADP Driven Risk-On Negated By Fed Comments

By Christopher Romano  —  Aug 04 - 01:58 PM
  • AUD/USD opens NY near 0.7410, rallies early after disappointing July ADP

  • Headline ADP sees a big downside miss and June ADP is revised lower

  • US 10-year yield falls, Dec 2022 Eurodollars rally, US$ gets sold broadly

  • AUD/USD rallies, stalls short of the July 16 high, bear flag on daily chart

  • Pair hits a 0.74265 high but all gains are erased on Fed governor comments

  • Fed's Bullard & Clarida comments drive US rate complex and dollar higher

  • AUD/USD turns negative, falls below the 21-DMA & pierces the 10-DMA

  • Pair hits 0.7370 then nears 0.7385 late in the session

  • Techs lean bearish, daily inverted hammer forms, RSI diverges on the high

  • For more click on FXBUZ

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Source:
Refinitiv IFR Research/Market Commentary

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