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Aug 08 - 07:55 AM

AUD/USD - In Better Shape After Friday's Late Recovery

By Peter Stoneham  —  Aug 08 - 05:45 AM
  • Late Friday recovery set the tone for early Monday gains

  • AUD gains hard fought though: 0.6899 lows in Asia from 0.6912 open

  • AUD/JPY buying and 4.5% rise in Dalian iron ore encouraged fresh buying

  • Rally to 0.6931 in Asia and 0.6970 highs in Europe time zone

  • Technically, still needs to convincingly breach the daily Ichimoku cloud

  • Cloud base is at 0.6945 and the Ichimoku top is at 0.7070

  • Friday's 0.6870 low provides support: 61.8% Fibo at 0.6822 behind

  • Consolidation within 0.6988-0.6870 recent extremes likely this week

    For more click on FXBUZ







Source:
Refinitiv IFR Research/Market Commentary

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