By John Noonan — Aug 17 - 07:05 PM
AUD/USD opens -0.34% - but well off the 0.6365 low hit in Asia
After hitting the 0.6365, it reversed to 0.6450 when key commodities rose
A lower USD/CNH and speculation there will be a China package boosted commodities nL1N39Y0I4
There isn't technical support for the AUD/USD until Oct 2022 low at 0.6170
AUD/USD trending lower with the 5, 10 & 21-day MAs in a bearish alignment
Resistance is @ 10-day MA at 0.6483 and break would warn a bottom is forming
AUD/USD will likely track moves in the USD/CNH and key commodities
For more click on FXBUZ
Source:
Refinitiv IFR Research/Market Commentary