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Jul 24 - 03:55 PM

AUD/USD - Slides Back Within Bolli Envelope On Rise In U.S.-China Tensions

By Paul Spirgel  —  Jul 24 - 01:40 PM
  • AUD/USD drifts lower from NorAm open 0.7106 to 0.7085, -0.2% on day

  • Heightened U.S.-China trade angst over closed consulates weighs on AUD

  • Pair up 30%+ since Mar 19 low- 0.5502, made new 2020 high Tuesday at 0.7183

  • US-China angst opportunity to cut AUD longs, IMM specs recently turned long

  • AUD dip may be short-lived as US growth view opaque on rising COVID cases

  • AUD supt 10DMA- 0.7036, 0.6952 the 30-DMA, 0.6885 38.2% Fib of 0.6402-0.7184

  • Monthly techs are bullish, daily techs warn a rally correction is likely

AUD Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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