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Aug 10 - 01:55 PM

AUD/USD - Dip Buyers Reign, Much Bigger Gains Possible

By Christopher Romano  —  Aug 10 - 12:05 PM
  • AUD/USD overnight dip near the daily cloud base, buyers emerged

  • Pair then rallied above the 10- & 55-DMAs, got a big boost after US CPI

  • US$, interest rates fell sharply after downside surprises to July CPI

  • AUD/USD spiked up, broke the 61.8% Fib of 0.7282-0.6683, hit a 2-month high

  • Technical signals suggest AUD/USD dip buyers may see much bigger gains

  • Daily, monthly RSIs rising & not overbought, pair above the daily cloud

  • August monthly bull hammer candle follows July's monthly bull hammer candle

  • A test of the June monthly high at 0.72825 cannot be ruled out

  • Break of that high implies te4st of 0.7480/0.7550 resistance may be due

  • For more click on FXBUZ-

Source:
Refinitiv IFR Research/Market Commentary

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