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AUD/USD At The Best Levels of the Session Through London Close

AUD
  • AUD/USD heads through the London close at the session's best levels, with the pair narrowing in on first key resistance at 0.6480 - the Aug16 high. A break north of here opens the 20-day EMA of 0.6522 initially ahead of 0.6609. Markets look to snap the downtrend posted off the mid-July high, and a close at or above these levels would be constructive and work against the bear case.
  • The pair has printed higher lows for five consecutive sessions, the longest such streak since early July. Short-term risk sentiment has clearly been the driver Wednesday, with the pair moving in lockstep with the e-mini S&P across NY hours.
  • Commodity prices are also providing a supportive backdrop, with the BBG Commodities Index rallying over 1% off the earlier session lows to narrow the gap with the Monday highs.
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