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AUD/USD Firms Into Weekly Close as Equities Recoup PPI Drop

AUD
  • Corrective bounce in AUD/USD extending through the London close, with markets happy to buy the post-PPI dip and tip prices through both pre-data levels as well the Friday highs. Strength into the weekly close opens 0.6546 initially, the 20-day EMA, as well as key resistance at the Jan 30 high of 0.6625.
  • Recovery in equity markets off the post-data lows helping to aid the uptick in risk proxies and commodity-tied FX - however more firm resistance is expected into 5059.25 and the index high at 5066.50.
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