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Thomson Reuters
May 18 - 07:24 AM
AUD/USD - COMMENT-AUD/USD Bulls Gain Foothold, Eye China Trade Issues
First appeared on eFXplus on May 18 - 06:00 AM

AUD/USD continues to hold up well in the face of rising U.S. yields and trade tensions not only between the U.S. and China but also souring relations between Australia and China nL3N1SO2Q6.
Particular focus will therefore be on RBA Governor Rob Lowe's speech at the Australia-China Relations Institute in Sydney next Wednesday.
Australia's open, export-heavy economy is vulnerable to trade war fears so any easing of these trade disputes should have a positive effect on AUD.
AUD/USD bulls found support at 0.7413 last week, the 30-week lower Bollinger currently at 0.7440 has propped spot this week.
There's growing scope for AUD/USD to eventually rise above the 0.7584 Fibo level -- 23.6% retrace of the 0.8136 to 0.7413 (January to May) fall -- a close above which on a weekly basis will signal that further gains are likely.
Positive headlines on trade will help propel AUD/USD above this key Fibo.

AUD/USD Fibo Chart: Click here

Source:
Thomson Reuters IFR Markets

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