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May 09 - 01:55 AM

AUD/USD - Under Heavy Pressure In Risk-Off Asia

By John Noonan  —  May 08 - 11:45 PM
  • AUD/USD opened 0.7075 after falling 0.56% on Friday after US jobs data

  • E-mini futures gapped lower at the open and set the tone for the session

  • USD broadly firmed and commodity/risk currencies felt the brunt of it

  • AUD/USD traded down to 0.7005 before bids ahead of 0.7000 underpinned

  • There wasn't much of a bounce and it is trading 0.7020 early afternoon

  • Lon copper fell around 1.0% and Dalian iron ore is down around 5.5%

  • E-minis are over 1.0% lower and the AXJ index is down around 1.0%

  • The next support below 0.7000 in the 2022 low at 0.6967

  • Former support at 0.7030 is now minor resistance

  • A close above the 10-day MA at 0.7101 would ease the pressure

  • For more click on FXBUZ










aud/usd Click here

Source:
Refinitiv IFR Research/Market Commentary

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