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Dec 15 - 08:55 PM

AUD/USD - Long Term 0.7638 Level Beckons, As Risk, USD Support

By Andrew M Spencer  —  Dec 15 - 07:50 PM
  • Flat in a quiet start, after closing +0.3% on broad risk on USD weakness

  • No tier 1 data today or scheduled RBA events, so risk and USD to lead

  • China/Australia trade tension leads potential event risk nL1N2IU2WR

  • Should China target iron ore, which is unlikely, AUD would be hit hard

  • Charts; 5, 10 & 21 daily, weekly and monthly moving averages trend north

  • Strong and unusual bullish setup targets 0.7638, 38.2% 2011-2020 fall

  • Close below 0.7485, 10 DMA a base on this move, would undermine bias

  • 0.7547, 38.2% of Tuesday's rise and NY 0.7571 high first support-resistance

    For more click on FXBUZ

aud dec 16 Click here

Source:
Refinitiv IFR Research/Market Commentary

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