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May 05 - 07:55 PM

AUD/USD - Gives Back Post-Fed Gains As Market Defies Fed Outlook

By John Noonan  —  May 05 - 06:25 PM
  • AUDUSD opens -1.9% after market priced in a 75 BP hike by the Fed in June nL2N2WX1KR

  • US yields surged while risk assets melted lower to reverse post-Fed relief rally nL2N2WX1NVnL2N2WX2KO

  • AUD/USD gave back most of Wednesday gain and closed below 10-day MA (0.7122)

  • Talk of forced deleveraging weighed on risk and supported USD

  • Support is at May 2 low at 0.7030 with bids around yesterday's 0.7078 low

  • Strong resistance at 0.7265/85 validated by recent price action

  • The 21-day MA is @ 0.7267, 38.2 fibo is @ 0.7271 and 200-day MA is @ 0.7282

  • AUD/USD will be vulnerable if US payrolls today meet or exceed expectations

  • For more click on FXBUZ










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Source:
Refinitiv IFR Research/Market Commentary

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