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Mar 05 - 07:55 PM

AUD/USD - Recovering From Early Swoon As Buyers Fill The Gap

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

  • For more click on FXBUZ

Refinitiv IFR Research/Market Commentary


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