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Jul 03 - 07:55 PM

AUD/USD - Steady Start After Steep Decline On Friday

By John Noonan  —  Jul 03 - 06:45 PM
  • AUD/USD off to a steady start - around 0.6815/20 after falling 1.25% Friday

  • Rising fears of global recession hit AUD/USD and AUD/JPY particularly hard

  • AUD/USD low was 0.6764 - with support @ 50% of pandemic low/high @ 0.6758

  • AUD/USD trending lower with 5, 10 & 21-day MAs in a bearish alignment

  • Resistance @ the 10-day MA @ 0.6898 and break would ease downward pressure

  • RBA meets tomorrow and is expected to hike 50 BPs to 1.35% nL4N2YF0GT

  • Market pricing in 50 BPs so any support from hike likely to be fleeting

  • Focus remains on global growth outlook and impact on metals

  • For more click on FXBUZ









Source:
Refinitiv IFR Research/Market Commentary

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