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Aug 11 - 07:55 PM

AUD/USD - Opens Higher As Commodities Support - Key Resistance In Sight

By John Noonan  —  Aug 11 - 06:25 PM
  • AUD/USD opens +0.34% as strength in key commodities continues to underpin nL1N2ZN0ZX

  • USD broadly sold-off after softer US PPI and AUD/USD traded to 0.7136

  • Higher US yields helped USD to recover, but AUD/USD still closed above 0.7100 nL1N2ZN22A

  • Key resistance in the AUD/USD is at the 200-day MA at 0.7151

  • More resistance at 50% of 0.7661/0.6682 move at 0.7171

  • A break above 0.7175 targets the 61.8 of the move at 0.7287

  • Support is at the 100-day MA at 0.7083 and former resistance at 0.7145/55

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

  • Key in Asia will be moves in Asian equities and AUD/JPY flows

  • For more click on FXBUZ










Source:
Refinitiv IFR Research/Market Commentary

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