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Apr 20 - 01:55 AM

AUD/USD - Strong Demand As Market Seeks Excuses To Buy AUD

By John Noonan  —  Apr 19 - 11:50 PM
  • AUD/USD opened +0.33% at 0.7377 after AUD/JPY buying underpinned

  • After dipping to 0.7373 early Asia it tracked higher through the morning

  • AUD/JPY demand once again gave support as cross raced up 0.50%

  • AUD/USD traded above 0.7400 before a quick dip when CNY fell nL2N2WI02H

  • Despite E-minis falling 0.5% and key commodities flat, AUD/USD recovered

  • It was back above 0.7400 when USD/JPY plunged on intervention fears

  • AUD/USD switched horses and kept firming on the weak USD

  • Heading into the afternoon it is trading around the session high at 0.7415

  • Resistance is at the 10-day MA at 0.7420 and break eases downward pressure

  • More resistance is at the 21-day MA at 0.7469

  • Support is at the 55-day MA at 0.7329 and 200-day MA at 0.7295

  • Market is looking for excuses to buy AUD/USD and more upside seems likely

  • For more click on FXBUZ










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Source:
Refinitiv IFR Research/Market Commentary

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