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Oct 07 - 08:55 AM

AUD/USD - Signals Point Lower, Bears Need US Jobs Data To Cooperate

By Christopher Romano  —  Oct 07 - 07:15 AM
  • AUD/USD fell to a 7-session low overnight, 0.6385 hit then bounce ensued

  • Drop aided by US$ buying driven by a rise in US interest rates EDH3

  • USD/CNH rally above 7.1325 also helped send AUD/USD to the session lows

  • EquityESv1, commodityHGv1 slides, AUD/JPY drop added weight

  • US$ buys abated, AUD/USD neared 0.6430, sits nearby at NY's open

  • Consolidation of recent fall, monthly inverted hammer are bearish signs

  • US jobs data looms, an upside surprise may rally US rates, US$ again

  • Consolidation then likely ends and the May 2020 low comes into focus

  • For more click on FXBUZ



Source:
Refinitiv IFR Research/Market Commentary

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