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Mar 03 - 10:55 PM

AUD/USD - Steady As Positive Risk Mood Offsets Worrying Aus Data

By John Noonan  —  Mar 03 - 10:05 PM
  • AUD/USD traded up to 0.6535 early Asia after closing +0.43% @ 0.6525 Friday

  • Buoyant Asian equities helped underpin as Nikkei +0.8% and AXJ index +0.75%

  • There was plenty of Aus data, which was mixed but negative on balance nAZN1L6RDEnAZN1L6R2AnAZN1L6R2A

  • Concerning was the drop in inventories and its negative impact on GDP

  • There is a strong chance Wednesday's Aus GDP will come in negative

  • Market didn't react and AUD/USD was unchanged at 0.6525 into the afternoon

  • Resistance is at the 10-day MA at 0.6535, which held today's rally

  • A break above 0.6535 targets 0.6560/65 where the 100 & 200-day MAs converge

  • Support has formed at last week's lows at 0.6585/90

  • A break below 0.6485 targets the Fed 13 low at 0.6443

  • AUD/USD may remain buoyant while US yoelds remain under pressure

  • For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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