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Nov 06 - 10:55 PM

AUD/USD - Eases In Asia After China Vowed To Maintain Zero Covid Policy

By John Noonan  —  Nov 06 - 10:20 PM
  • AUD/USD gapped down to 0.6401 early Asia after closing 0.6470 Friday

  • Pair gained 2.89% Friday in part due to rumours China would ease zero Covid policy

  • On Saturday China vowed to maintain the policy and led to AUD/USD gap lower

  • AUD/USD filled some of the gap to rebound to 0.6449 before sellers capped

  • Heading onto the afternoon the AUD/USD is trading around 0.6420

  • AUD/USD tracked CNH- as it eased 0.70% following Friday's 2.0% rise

  • Asian markets remained steady despite the China news

  • The Hang Seng added another 2.0% and the AXJ index was up 1.0%

  • E-minis opened 0.75% lower but pared losses to 0.20% late morning

  • AUD/USD support is at the 10-day MA at 0.6406 and 21-day MA at 0.6346

  • Resistance is at the Oct 22 high at 0.6522

  • For more click on FXBUZ










Source:
Refinitiv IFR Research/Market Commentary

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