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May 13 - 08:55 AM

AUD/USD - Consolidation Persists As US Inflation Risks Come Into Focus

By Christopher Romano  —  May 13 - 07:20 AM
  • AUD/USD fell to 0.6586 overnight, neared the 10-DMA but buyers emerged

  • NY opened near 0.6610 (+0.11%) after 0.6612 traded in Europe's morning

  • US yield US2YT=RR drop helped weigh on US$ & prop up AUD/USD

  • AUD/USD rally aided by commodity DCIOc2, HGv1 & equity ESv1 gains

  • Pair gained despite USD/CNH rally above 200-DMA, hitting a 7-sesison high

  • AUD/USD techs lean bullish; RSIs are rising, daily bull hammer candle formed

  • Consolidation phase of gains off May 1 low reinforce the bullish signals

  • 0.6650/70 is resistance, March monthly high, May 3 daily sit in that zone

  • Remarks from Fed's Mester, Jefferson may impact risk in NY's morning

  • US April PPI, CPI & retail sales will be key data risks this week

  • For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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