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Jan 21 - 07:55 PM

AUD/USD - Downside Bias Remains Despite Friday's Bounce

By Andrew M Spencer  —  Jan 21 - 06:20 PM
  • Steady in early Asia after closing up 0.4%, bid in the NY afternoon

  • AUD fell 1.35% last week as expectations of a March Fed cut cooled

  • No Aus data or RBA events, so risk appetite and the USD likely lead AUD

  • Charts; mixed daily momentum studies, 5, 10 & 21-day moving averages slide

  • 21-day Bollinger bands fall - signals show a strong negative setup

  • First significant support comes in at 0.6500, 61.8% of the Oct-Dec rise

  • Close above the falling 0.6632 10-day moving average ends the downside bias

  • 0.6571 New York low and 0.6632 10-DMA are the first support and resistance

    For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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