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May 24 - 01:55 PM

AUD/USD - Commodity Wipe Out, China Growth Concerns Help Break A Key Fibo

By Christopher Romano  —  May 24 - 10:30 AM
  • The Australian dollar is broadly offered as global growth concerns increase

  • Iron-oreDCIOc2, copperHGv1 fall to late 2022 levels on China worries

  • Equity ESv1 fall & buoyant USD/CNH reinforce concerns for growth assets

  • Safe-havens US$, yen gain; AUD/JPY fell below 90.90, AUD/USD struck 0.6543

  • AUD/USD broke the 61.8% Fib of the 0.6170-0.7159 rally, held near the low

  • May's monthly inverted hammer, falling RSIs imply more downside is possible

  • AUD/USD shorts may target 0.6400 on close below the Fibo, Oct. monthly high

  • For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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