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Aug 01 - 07:55 PM

AUD/USD - Opens Higher Ahead Of RBA Decision

By John Noonan  —  Aug 01 - 06:50 PM
  • AUD/USD opens +0.51% despite weaker commodities as USD broadly eases nL1N2ZD01ZnL1N2ZD2EK

  • Pair traded as high as 0.7048 - just short of resistance around 0.7053

  • The 61.8 of 0.7282/0.6682 @ 0.7053 and 38.2 of 0.7661/0.6682 @ 0.7056

  • A break above 0.7060 targets the 100-day MA at 0.7119

  • AUD/USD trending higher with the 5, 10 & 21-day MAs in a bullish alignment

  • A fall below the 10-day MA at 0.6967 would suggest momentum is waning

  • RBA decision today with market pricing in a 50 BP hike to 1.85% nL4N2ZD08U

  • AUD/USD may ease if RBA hikes 50 BPs in a 'buy rumour/sell fact' reaction

  • Reaction may be short-lived as external factors driving AUD price action

  • AUD resilient despite growing concerns a global recession is looming nL1N2ZA160

  • For more click on FXBUZ










Source:
Refinitiv IFR Research/Market Commentary

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