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Aug 17 - 07:55 PM

AUD/USD - Opens Lower After Whippy Price Action On China Speculation

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

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