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Oct 16 - 11:55 PM

AUD/USD - Continues Grind Higher As E-Minis Rise And USD Slips

By John Noonan  —  Oct 16 - 10:35 PM
  • AUD/USD up 0.40% as it has been grinding higher all morning

  • USD giving back some of Friday's gains - initially led by a move up in GBP nL1N31I012

  • E-minis are up close to 0.50% and helping to underpin AUD/USD

  • Despite reprieve, AUD/USD outlook remains bearish technically

  • It is trending lower with the 5, 10 and 21-day MAs in a bearish alignment

  • Only a close above the 10-day MA at 0.6335 would suggest a bottom is forming

  • China growth concerns will likely limit AUD gains as China Covid policy remains in place nL1N31H0KQ

  • Dalian iron ore is down over 2.0% today, but Lon copper is up 0.65%

  • For more click on FXBUZ










Source:
Refinitiv IFR Research/Market Commentary

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