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May 16 - 10:55 PM

AUD/USD - Soft, As Asia Opens Cautious And Range Dominates

By Andrew M Spencer  —  May 16 - 08:33 PM

  • -0.2% after closing up 0.7%, as risk bounced and the safe haven USD fell

  • Asian struggle with the coronavirus undermines local risk appetite

  • Australia sticks by plan to re-open border in mid-2022 nL2N2N301L

  • As the vaccine rollout improves, mid 2022 may too long for many voters

  • Charts, momentum studies edge lower, 5, 10 & 21 daily moving averages coil

  • Setup suggests consolidation - in the middle of a broad 0.7670-0.7890 range

  • Friday's 0.7714 base and 0.7684 lower 21 day Bolli initial supports

  • Earlier 0.7787 high then 0.7844 upper 21 day Bolli first resistance

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Source:
Refinitiv IFR Research/Market Commentary

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