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Aug 24 - 02:55 AM

AUD/USD - About To Escape Its Rut; Short-Covering May Ensue

By Ewen Chew  —  Aug 24 - 02:06 AM
  • AUD/USD heads up a second day, about to exit downtrend channel

  • Tues close above 0.7236 nullifies bearish path, may spur rally

  • Short-covering could take it as high as 21 DMA at 0.7319

  • Stronger resistance may only appear at Fibo retracement 0.7379

  • USD broadly softer after weak US PMI skews Jackson Hole views

  • Puts less pressure on Fed's Powell to discuss tapering timeline

  • For more click on FXBUZ



Source:
Refinitiv IFR Research/Market Commentary

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