• AUD/USD fell below the 21-DMA overnight on report of US Navy blockade

• The pair hit 0.6979 as risk soured with help from oil

spiking higher

• Risk improved however; US yields , US$ softened, USD/CNH neared flat

• Gold , silver , equities erased a portion of overnight losses

• AUD/USD rallied above the 21- & 55-DMAs and daily cloud top, hit 0.7058 in Europe

• NY opened near 0.7050, the pair traded down only -0.24% in early action

• A daily bull hammer candle formed which is likely a concern for AUD/USD bears
audusd


(Christopher Romano is a Reuters market analyst. The views expressed are his own)