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Jun 10 - 01:55 PM

AUD/USD - Structural 0.7000 Support Eyed On Fed, Growth Influences

By Christopher Romano  —  Jun 10 - 11:40 AM
  • Above estimate US CPI nL1N2XW2XO indicates hot-running inflation persists

  • US rates EDM3US2YT=RR rally as investors expect higher terminal Fed rate

  • Risk sours as investors' concerns on slower global growth are increasing

  • EquitiesESv1, copperHGv1 drop; US 2s-10s curve flattest since April 6

  • Safe-haven yen buying drives AUD/JPY below 94.35 before slightly bouncing

  • After CPI AUD/USD fell below 21-DMA, 38.2% & 50% Fibos of 0.6829-0.7282

  • Pair struck a 12-session low of 0.7038 but has bounced only meagerly

  • Falling daily, monthly RSIs imply downside momentum remains in place

  • Structural support near 0.7000 is in focus, break puts May's low in play

  • For more click on FXBUZ

audusd Click here

Source:
Refinitiv IFR Research/Market Commentary

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