AUD/USD opens +0.78% after completing a bullish outside day reversal

USD moved higher in Europe only to fall sharply after US yields collapsed

Weaker US data was the catalyst for the steep fall in US yields

The 2-year yield fell over 15 bps while the 10-year fell 10 bps

AUD/USD closed just below the key 21-day MA (0.6483 Tuesday)

A clear break above 0.6385 targets the 38.2 of 0.6895/0.6365 at 0.6567

It would also confirm the short-term trend lower has run its course

The 21-day MA is at 0.6477 today with support at the 10-day MA at 0.6433

Buyers are at 0.6390/0.6400 - just below Tuesday's 0.6401 low

Aus July weighted CPI out today with market expecting+5.2% Y/Y

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