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Mar 25 - 02:55 AM

AUD/USD - Relief Rally Ensues Following Fall In USD/CNH

By John Noonan  —  Mar 24 - 11:30 PM
  • AUD/USD fell 0.81% Friday in large part due to a soaring USD/CNH

  • It opened Asia 0.6515 and eased to 0.6510 first up

  • An aggressive CNY-fix sent USD/CNH tumbling lower and underpinned AUD/USD nL2N3G301L

  • Short-covering sent the AUD/USD up to 0.6545 before it settled around 0.6540

  • Once again the trend line from Oct 26 held - as it came in at 0.6508 today

  • A break below 0.6500 targets the Feb 13 low at 0.6443

  • Resistance is at the 21-day MA at 0.6557 and 10-day MA at 0.6567

  • AUD/USD will likely continue tracking USD/CNH in the immediate-term

  • For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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