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AUDUSD reacts to weaker US data. The pair rises as yields fall/stocks rise.

The AUDUSD bull pushed the price higher after weaker ISM flash data and manufacturing data from the Richmond Fed. Pre-leasing has now taken the price above the 38.2% retracement of the decline from the April high to the April low. The level stands at 0.6469 and is now close support. Staying on top is more optimistic. The price also moved away from an oscillating zone between 0.6442 and 0.6455. For buyers looking for more upside potential, this area is a more conservative risk.

On the upper side, there is strong resistance against the 100-bar moving average on the four-hour chart and the 50% retracement of the April trading range. These two levels amount to 0.65028. I would expect there to be some selling against this level with stops on a break above.

Stops moving higher also help the pair on risk flows. The NASDAQ is now up 1.5% while the S&P is up 1.15%.


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