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Sep 24 - 05:55 PM

AUD/USD - Tepid Bounce Follows Test Of Strong Support

By Krishna K  —  Sep 24 - 05:30 PM
  • AUD/USD opens 0.35% lower after paring losses as 1st test of support holds

  • Recovers from 0.7016 low on hopes of a compromise on U.S. stimulus package

  • Traders wary as technical indicators overextended after 3.3% drop this week

  • Upside constrained as RBA rate cut bets, U.S. political uncertainty weigh

  • Fading optimism on global economic recovery likely to limit rebound

  • Support 0.7020, 38.2% of 0.6777 to 0.7413 rally followed by 0.7002, 100-DMA

  • Resistance 0.7070-80,0.7100-10; APAC stock markets key for direction in Asia

  • For more click on FXBUZ


Source:
Refinitiv IFR Research/Market Commentary

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