AUD/USD touches session high as equities soar, dollar weakens

Chinese equities touch session highs as well

The dollar is slipping across the board as Chinese stocks are pushed higher and USD/CNY remains tepid as a result. The PBOC did not fix the yuan weaker against the dollar today and that is so far setting the tone for Chinese equities and the dollar to start the trading day.

The Shanghai Composite is now up 2.3% on the day with the Hang Seng index up 1.5% currently.

AUD/USD touches a high of 0.7419 as price breaks away from the wedge and the 200-hour MA (blue line). Right now, it looks to move away from Friday's high @ 0.7412 and buyers will be eyeing a move towards last week's high @ 0.7441 as near-term bias now turns bullish.

The dollar is also weaker across the board as EUR/USD touches a high of 1.1571 and GBP/USD also reaches a session high of 1.2962.

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