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Feb 28 - 10:55 PM

AUD/USD - Recovers As China Relief Rally Underpins

By John Noonan  —  Feb 28 - 10:00 PM
  • AUD/USD opened -0.73% at 0.6495 after AUD and NZD underperformed

  • It eased to 0.6491 after slight miss in Jan Aus retail sales nAZN1L0S0X

  • Aus Q4 CAPEX managed to beat expectation to help offset nAZN1L0RVD

  • Dip was short-lived and rally in China SSEC (+1.35%) helped to underpin AUD

  • AUD/USD is at session high around 0.6510 heading into the afternoon

  • Resistance is at the 21-day MA at 0.6524 and 10-day MA at 0.6538

  • A break above 0.6540 would ease downward pressure

  • The next level of support is at the Feb 13 low at 0.6443

  • Key event later today will be US PCE and bod market reaction to data

  • For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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