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May 19 - 07:55 PM

AUD/USD - Strong Gains And Outperforms Despite Risk-Aversion

By John Noonan  —  May 19 - 06:40 PM
  • AUD/USD opens +1.32% after USD broadly weakened and base metals rallied nL2N2XB26V

  • AUD outperformed and gained against every major currency except the NZD

  • FX market shrugged off equity market weakness to buy risk currencies

  • AUD underpinned by rise in base metals on China optimism nL2N2XB0J0

  • AUD/USD short-covering featured as investors took profit in long USD positions

  • AUD/USD edged above the 21-day MA (0.7067 Thursday) but closed below

  • The 21-day MA descends to 0.7052 and close above would be bullish

  • A close above the 21-day MA targets the 38.2 of 0.7661/0.6829 at 0.7146

  • Support is at the 10-day MA at 0.6967 and break eases upward pressure

  • For more click on FXBUZ










aud/usd Click here

Source:
Refinitiv IFR Research/Market Commentary

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