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May 21 - 01:55 AM

AUD/USD - Heavy At Familiar Levels, As Range Rules

By Andrew M Spencer  —  May 21 - 12:00 AM

  • -0.2% with light volume - trades towards the base of a 0.7753-0.7778 range

  • Solid retail sales +1.1% against forecast +0.5% m/m nL2N2N8040 - no impact

  • Thursday's bounce leaves AUD in the middle of the 0.7670-0.7890 broad range

  • Very significant news needed to trigger a breakout of the range

  • Charts, momentum studies, 5, 10 & 21 daily moving averages coil

  • Neutral setup - suggests the choppy consolidation since mid April can extend

  • London 0.7734 low and NY 0.7781 high are initial support and resistance

  • Opportunities in AUD range until game-changing news nL2N2N801F

For more click on FXBUZ


aud 3 may 21 Click here

Source:
Refinitiv IFR Research/Market Commentary

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