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Nov 01 - 08:55 AM

AUD/USD - Shorts Have The Advantage But Lack Conviction

By Christopher Romano  —  Nov 01 - 07:24 AM
  • Equities ESv1 rally, USD/CNH =CNH falls but AUD/USD is lower on the day

  • Drops in copper HGv1, iron-ore DCIOc2, AU yields AU3YT=RR weigh on AUD

  • Drop in US eurodollar price EDM2 also weigh as rates help buoy the US$

  • Downbeat Oct China NBS nL1N2RR0MV ups concern on slower global growth

  • AUD/USD dips below the 10-DMA, hits 0.7486 overnight, near 0.7505 at NY open

  • Daily techs lean bearish; RSI falling and the 10-DMA gets pierced

  • Monthly techs are bullish though, could trump daily technical signals

  • RBA risk looms; investors likely to focus on YCC policy nL4N2RS08M

  • For more click on FXBUZ




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Source:
Refinitiv IFR Research/Market Commentary

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