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Sep 10 - 12:12 PM
AUD/USD - Longs Contend With Data, Techs But Seem Determined To Prevail
First appeared on eFXplus on Sep 10 - 09:50 AM
  • NAB Aug. business conditions/confidence surveys drop sharply nS9N1SP01V
  • Results are below long-run averages; data deepens economic soft patch
  • RBA cut expectations little change, 27bps priced in to end 2019 RBAWATCH
  • AUD/USD down small, hovers below daily cloud, 55-DMA 50 Fib 0.7082-0.6678
  • Lack of a deeper correction of recent gains suggests longs are confident
  • Clean break above the techs will bolsters longs' confidence
  • 0.6910/15 then targeted, 0.6985/95 resistance is eyed thereafter
  • Bears regain some control if the pair trades back below 0.6795/15 support

chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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