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Jan 03 - 05:55 PM

AUD/USD - Opens Lower Despite Late Rally From Two-Week Trough

By John Noonan  —  Jan 03 - 05:20 PM
  • AUD/USD opens -0.44% as the start of 2024 USD rally continued on Wednesday nL1N3DT1B0

  • It traded to a two-week low at 0.6703 when US yields moved higher early NY

  • US yields retreated during US session and the AUD/USD rallied into the close nL1N3DT1WJ

  • AUD/USD traded below 21-day MA (0.6730 today) confirming end of trend higher

  • Next support is at the 38.2 of the Oct-Dec rise at 0.6641

  • Resistance is at 10-day MA at 0.6795 and break would ease downward pressure

  • Sluggish equity and metal markets likely to limit upside nL1N3DT28AnL1N3DT0SL

  • Slow stochastic reading extremely over-sold - which may limit downside

  • Reaction in US yields to US ADP jobs later today and US NFPs Friday key to broad USD direction

  • For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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