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Sep 08 - 01:55 PM

AUD/USD - Shorts Struggle Despite Fed, RBA Rhetoric

By Christopher Romano  —  Sep 08 - 11:35 AM
  • RBA's slow said the case for a slower rate hike pace is growing nL4N30F1CP

  • US yields US2YT=RR buoyed on Fed's Powell hawkish comments nL1N30F1JT

  • Despite the central bank rhetoric AUD/USD bears struggle to gain traction

  • Pair is sharply off the session lows and is near the NY session high

  • Equity ESv1 gains, USD/CNH CNH= sellers help underpin AUD/USD

  • A daily bull hammer is in place, the second one in as many days

  • Hammers occur near key support & suggest shorts are losing control

  • 23.6% fib of 0.7136-0.6699, 10-DMA are immediate impediments for longs

  • Break of those resistances will see key resistance near 0.6850 targeted

  • 0.6910/20 zone will come into focus should the 0.68650 area break

  • For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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