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Jul 21 - 01:55 AM

AUD/USD - Idles In Quiet Asia Ahead Of Key ECB Decision

By John Noonan  —  Jul 21 - 12:05 AM
  • AUD/USD opened -0.17% at 0.6889 after EUR weakness led USD higher nL1N2Z11VI

  • AUD/USD was idled in Asia and only managed a 0.6880/98 range

  • Heading into the afternoon it is trading around 0.6890

  • Support is at the 21-day MA at 0.6843 and a break would increase pressure

  • Resistance is @ 55-day MA @ 0.6971 and 50% of 0.7282/0.6682 move @ 0.6982

  • Market is waiting for reaction to ECB meeting later today before committing

  • Resilient risk appetite and hawkish RBA expectations underpin AUD for now

  • Global growth uncertainty will likely cap exaggerated rallies

  • For more click on FXBUZ










Source:
Refinitiv IFR Research/Market Commentary

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