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Aug 03 - 02:55 AM

AUD/USD - Testing Key Resistance As RBA More Upbeat Than Expected

By John Noonan  —  Aug 03 - 12:52 AM
  • AUD/USD opened +0.22% at 0.7363 and was around 0.7368 before RBA decision

  • RBA surprised market by not reversing decision to taper bond purchases nRBA

  • RBA statement was relatively upbeat in looking past current COVID lockdown

  • AUD/USD tested resistance at the 21-day MA at 0.7406 - with high at 0.7408

  • A clear break above 0.7410 would likely see AUD/USD short-covering

  • Possible target of break higher is the 38.2 of 0.7891/0.7289 at 0.7519

  • Global growth concerns and soft risk assets may limit gains for now

  • AUD/USD likely getting some support from AUD-positive M&A flows

  • For more click on FXBUZ










aud/usd Click here

Source:
Refinitiv IFR Research/Market Commentary

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