By John Noonan — Mar 05 - 05:55 PM
AUD/USD is recovering from early fall below 0.6745 in typical gap filling
Disappointment with China growth target led to early AUD/USD weakness nL1N35D02A
A move back to 0.6768 would fill the gap and likely encourage fresh selling
The 10-day MA also at 0.6768 and break would shift pressure to upside
Key will be reaction in China equities and key commodities to China news
Bulls were hoping the China growth target would be close to 6.0%
AUD/USD support is at the March 1 low at 0.6695
More support is at the 50% retracement of the 0.6170/0.7158 move at 0.6664
AUD/USD may consolidate ahead of RBA decision tomorrow nL4N3581KF
They are expected to hike 25 bps to 3.60%, but key will be the statement
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Source:
Refinitiv IFR Research/Market Commentary