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Oct 13 - 08:55 PM

AUD/USD - Slow Start After A Hectic Night, Setup Still Negative

By Andrew M Spencer  —  Oct 13 - 07:40 PM

  • +0.05% after closing up 0.3%, as risk appetite rebounded hard offshore

  • AUD underperformed on crosses, EUR/AUD +0.5%, GBP/AUD +1.8%, AUD/NZD -0.3%

  • No significant AUD data - Asia often consolidates after a volatile night

  • Charts, 5, 10 & 21 day week and month moving averages trend lower

  • Momentum studies conflict, while 21 day Bollinger bands track lower

  • Strong bearish setup suggests a test of psychological 0.6000

  • Close above trend channel top from mid Sept at 0.6407 would be positive

  • Volatile NY 0.6170-0.6316 range is initial support and resistance

    For more click on FXBUZ


Source:
Refinitiv IFR Research/Market Commentary

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