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May 16 - 07:55 PM

AUD/USD - Opens Lower As Weak Equities And Commodities Weigh

By John Noonan  —  May 16 - 06:25 PM
  • AUD/USD opens 0.69% lower as USD firmed and risk assets fell nL1N37D2O5nL1N37D2X8

  • Weak metal prices after worse than expected China data also weighed nL1N37D0QI

  • AUD/USD may get support on late report of progress in US debt ceiling talks nL1N37D0XMnL1N37D3BE

  • Muted response so far in E-Minis - which are up only 0.10%

  • Resistance has formed at 0.6705/10 - where it topped out last 3 trading days

  • The 10-day MA is at 0.6711 and break above would ease downward pressure

  • Support is at Friday's 0.6634 low and break targets 2023 low at 0.6564

  • Aus Q1 WPI (wage price index) out today and could impact RBA expectations

  • RBA watching wage gains as they are "data dependent" on future moves

  • Market is looking for +0.90% Q/Q and will react on a miss

  • For more click on FXBUZ

Refinitiv IFR Research/Market Commentary


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