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Jul 21 - 01:55 PM

AUD/USD - Dip Buys Help Keep A Key Fibo Magnetic

By Christopher Romano  —  Jul 21 - 11:55 AM
  • AUD/USD hit 0.69305 after breaking the 38.2% Fib 0.7282-0.6683 Wednesday

  • Upward momentum stalled & AUD/USD closed that day back below the Fibo

  • Today dip buyers emerged at 0.6860 and the pair turned positive

  • AUD/USD now sits just below the Fibo & a daily bull hammer candle formed

  • Price action over the last two sessions imply consolidation taking hold

  • the monthly long legged doji suggests AUD/USD bulls are taking control

  • A test of the psychological 0.7000 area still seems probable

  • For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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