AUD/USD opened +0.89% at 0.6480 after USD weakened on weak US PMI nL1N3A423B

AUD outperformed peers as strong gains in iron ore and copper underpinned

AUD/USD dipped to 0.6468 before bouncing back as Asian equity markets gained nL8N3A5029

Heading into the afternoon the AUD/USD is trading 0.6480/85

Support is at the 10-day MA at 0.6446, which was previous resistance

Resistance is at the 21-day MA at 0.6522 and break would end down-trend

AUD/USD shorts feeling the pinch from surprise rally in iron ore and copper

The weak China demand narrative undermined by recent commodity market gains

Focus will now shift to Jackson Hole symposium

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