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Sep 04 - 08:55 AM

AUD/USD - No RBA Fireworks Expected, Yuan Direction To Provide Guidance

By Justin Mcqueen  —  Sep 04 - 08:00 AM
  • Tight range (0.6446-0.6480) for AUD/USD in holiday-thinned trade

  • RBA policy decision due, pause expected in Governor Lowe's final meeting

  • AUD shorts struggle to add pressure given stable yuan, firm commodities

  • Continued improvement in yuan required for AUD to grind higher

  • However, topside resistance remains a stumbling block at 0.6500-22

  • Also, Friday's key day reversal offers a warning for rebound hopes

  • Bulls require a close above 0.6500 to increase confidence

  • Support: 0.6440 (post-NFP low), 0.6450 (post-AU CPI low), 0.6400

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Refinitiv IFR Research/Market Commentary


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