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Sep 15 - 01:55 AM

AUD/USD - Bounces From Low As Shorts Cover When 0.7300 Held

By John Noonan  —  Sep 14 - 11:49 PM
  • AUD/USD opened -0.68% at 0.7322 after Wall Street fall weighed nL1N2QG2LT

  • It moved lower early Asia on AUD/JPY selling and was 0.7310 into China data

  • China retail sales and IP disappointed and AUD/USD eased to 0.7301 nL4N2QF23M

  • Bids at 0.7300 discouraged attempts lower and AUD/USD recovered

  • Dalian iron ore was down 4% at one stage before bouncing to be 1.25% down

  • Iron ore bounce helped AUD/USD trade back to 0.7324

  • It is 0.7320 heading into the afternoon session

  • Support is at the 50% of the 0.7106/0.7477 move at 0.7292

  • A break below 0.7290 targets the 61.8 of the move at 0.7148

  • Resistance is at the 10-day MA at 0.7378 and break eases pressure

  • AUD/USD is vulnerable if equity markets continue to retreat nL4N2QH0S0

  • For more click on FXBUZ










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Source:
Refinitiv IFR Research/Market Commentary

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