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Oct 16 - 07:55 PM

AUD/USD - Opens Higher As USD Broadly Weakened And Risk Rallied

By John Noonan  —  Oct 16 - 05:55 PM
  • AUD/USD opens +0.71% after USD broadly eased on Monday nL1N3BM28Y

  • Market reversed safe-haven hedges put on Friday in case Middle East conflict expanded

  • Crisis remains fluid but market shifted focus for now and equities rallied nL1N3BM2MY

  • AUD/USD closed at session high above 0.6340

  • Resistance is at 10-day MA at 0.6363 and break would ease downward pressure

  • More resistance @ 21-day MA @ 0.6385 and break would suggest bottom in place

  • Support at double-bottom and 2023 low at 0.6286 validated by bounce

  • Range trading likely ahead of US retail sales today and China GDP Wednesday

  • RBA minutes today but unlikely to surprise after Oct statement was unchanged from Sept

  • For more click on FXBUZ

Refinitiv IFR Research/Market Commentary


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