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May 12 - 05:00 PM

AUD/USD - Opens Lower After Bearish Outside Day

By John Noonan  —  May 11 - 06:25 PM
  • AUD/USD fell 0.64% and completed a bearish outside day on Monday

  • Price reversed lower from 0.6562 high and traded as low as 0.6456

  • Broad USD strength, falling commodities and Wall Street hesitation weighed nL1N2CT16U

  • Support at 10-day MA at 0.6475 and close below would suggest top forming

  • More support @ 21-day MA @ 0.6422 - close below increases downward pressure

  • Resistance @ 100-day MA @ 0.6532 and key resistance @ April 30 high @ 0.6570

  • NAB business survey today and risk is for record low










aud/usd IMAGE Click here

Source:
Refinitiv IFR Research/Market Commentary

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