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Jan 02 - 11:55 PM

AUD/USD - Reverses Higher As Asian Equity Markets Bounce

By John Noonan  —  Jan 02 - 10:15 PM
  • It was a choppy start to 2023 as Asia experienced pronounced mood shifts

  • AUD/USD fell as low as 0.6773 when AXJ equity index fell over 1.0%

  • Selling was due to China concerns following weak China PMI on weekend nL4N33N0MZ

  • AUD/JPY selling resulted from the dark mood in early Asia

  • The mood changed when China's SSEC bounced to +0.20% after being down 0.50%

  • USD/CNY fell below 6.9000 and underpinned the AUD/USD nL1N33O04E

  • AUD/USD reversed higher and was just above 0.6815 into the afternoon

  • AUD/USD resistance is at the 200-day MA at 0.6856 and break would be bullish

  • Support is at the 10-day MA at 0.6750 and break would suggest top is forming

  • For more click on FXBUZ










Source:
Refinitiv IFR Research/Market Commentary

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