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Aug 18 - 10:55 PM

AUD/USD - Hones In On Resistance, Initial Attempt May Fail

By Krishna K  —  Aug 18 - 08:55 PM
  • AUD/USD up 0.25%, nears strong resistance at 0.6692 which may cap initially

  • Buoyed by dovish weekend comments from Fed officials Daly and Goolsbee

  • Powell likely to signal imminent easing at Aug 23 Jackson Hole speech

  • Diverging RBA-Fed rate expectations likely to result in further AUD gains

  • But China economy concerns, weak base metals may slow AUD rally

  • 0.6692, 76.4% of 0.6798-0.6348 July-Aug drop, clear break opens 0.6730-40

  • support 0.6660-65, stronger at 0.6635-45; Asia range 0.6666-0.6686

  • For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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