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Sep 07 - 08:55 AM

AUD/USD - US Bid Helps Keep July's Low In Jeopardy

By Christopher Romano  —  Sep 07 - 07:20 AM
  • US$ =USD bid, led by USD/JPY gains, persists; AUD/USD sinks

  • USD/CNH rallied above 6.9965 while other EM ccys are weak vs US$

  • Iron-ore DCIOc2 prices sink & equities ESv1 are near recent lows

  • AUD/USD hit 0.6699 in Asia then hit 0.6737 in Europe's morning

  • Gains were erased ahead of NY's open however, pair opens near 0.6720

  • Deeper AUD/USD drop likely prevented by AUD/JPY rally above 97.30

  • AUD/USD techs lean bearish; daily, monthly RSIs imply downside momentum

  • A daily bull hammer candle in place however, may be a warning for shorts

  • July's low is support, break likely runs stops, June 2020 low then targeted

  • Fed speakers and Bank of Canada rate decision are risks during NY

  • For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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