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Dec 20 - 05:55 PM

AUD/USD - Opens Lower After Heavy AUD/JPY Selling Weighed

By John Noonan  —  Dec 20 - 05:20 PM
  • AUD/USD opens -0.27% - but well off the intraday low at 0.6629

  • Plunge lower was due to heavy unwinding of AUD/JPY by Japanese investors nL1N33A22T

  • Recovery to 0.6680 helped by positive close on Wall Street nL1N33A2JM

  • Buoyant commodities also helped to cushion the fall nL4N33A34DnL1N33A24H

  • AUD/USD traded below 100-dy MA (0.6662) but managed to close above

  • More support at 38.2 of 0.6170/0.6893 move at 0.6616

  • Break below 0.6618 would likely be start of fresh trend lower

  • Resistance is at 0.6740/50 where the 10 & 21-day MA converge

  • Key in Asia will be AUD/JPY flows out of Tokyo after Wednesday's plunge

  • For more click on FXBUZ










Source:
Refinitiv IFR Research/Market Commentary

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