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May 16 - 07:55 PM

AUD/USD - Consolidates As Traders Rethink Rate Expectations

By Krishna K  —  May 16 - 07:25 PM
  • AUD/USD closes 0.2% lower Thursday after trading in a 0.6714-0.6655 range

  • Likely to consolidate in a 0.6650-0.6730 range after rallying 1.7% this week

  • Upside capped as soft labour data prompts a rethink on RBA rate expectations

  • Markets price out RBA rate hike, see chance of cut this year

  • USD pares Thursday losses as Fed officials also signal caution on policy

  • Traders await China monthly activity data Friday for direction

  • Resistance 0.6700, 0.6715,0.6731-51, Jan 24th high & 76.4% of Dec-April drop

  • Support 0.6645-55, 0.6620-25

  • For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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