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Jul 04 - 01:55 AM

AUD/USD - Recovers From Early Dip But Upside Limited

By John Noonan  —  Jul 03 - 11:40 PM
  • AUD/USD opened 0.6815 after falling 1.25% on Friday

  • It traded to 0.6827 early before coming under pressure

  • E-mini futures fell 0.7% and weighed on AUD/USD and AUD/JPY

  • AUD/USD fell to 0.6796 before buyers returned and discourage further losses

  • AUD/USD is trading around 0.6810 heading into the afternoon session

  • Dalia iron ore is down 5.5% as global growth worries impacts demand

  • AXJ equity index is flat despite the strong lead from Wall Street

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

  • It is likely going to remain vulnerable while growth concerns weigh

  • Resistance is at the 10-day MA at 0.6897 and break would ease pressure

  • Support is at the 50% of the 0.5510/0.8007 move at 0.6758

  • For more click on FXBUZ










Source:
Refinitiv IFR Research/Market Commentary

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