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Jan 24 - 07:55 PM

AUD/USD - Soft Offshore - China Markets To Drive Risk In Asia

By Andrew M Spencer  —  Jan 24 - 05:50 PM
  • Steady after closing little changed, but weaker on the major crosses

  • AUD/JPY off 0.6%, EUR/AUD and GBP/AUD up 0.3%, AUD/NZD -0.15%

  • Choppy session offshore - NY afternoon AUD fall in likely illiquid markets

  • The RBA bulletin will probably be interesting rather than market-moving

  • China markets and any further China stimulus to dominate risk in Asia

  • Charts; daily momentum studies, 5, 10 & 21-day moving averages conflict

  • 21-day Bollinger bands fall - net negative setup, but progress needed soon

  • First significant support comes in at 0.6500, 61.8% of the Oct-Dec rise

  • Close above the 0.6595 10-DMA would suggest a period of consolidation

For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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