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May 16 - 01:55 AM

AUD/USD - Steadies Around 0.6690 After Post-China Data Drop

By John Noonan  —  May 15 - 11:35 PM
  • AUD/USD opened +0.89% at 0.6700 after risk rallied and USD eased nL1N37C1W0nL1N37C32U

  • It moved up to 0.6709 early Asia on light AUD/JPY demand

  • It was around 0.6705 when RBA minutes were released

  • RBA confirmed hawkish bias, but AUD/USD slipped to 0.6695 nS9N342006

  • AUD/USD slipped following worse than expected China retail sales and IP nB9N36V019

  • It fell to 0.6680 before settling around 0.6690 into the afternoon

  • Resistance is at the 10-day MA at 0.6717 and the 200-day MA at 0.6721

  • A break above 0.6725 would shift the pressure to the upside

  • Support is at the May 12 and 2023 low at 0.6564

  • AUD may be vulnerable if angst over US debt ceiling deadline intensifies

  • For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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