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Mar 14 - 07:55 PM

AUD/USD - Opens Lower As US Data Pushes US Yields Higher

By John Noonan  —  Mar 14 - 05:50 PM
  • AUD/USD opens -0.60% after hot US PPI sent US yields higher nL2N3FS226

  • Bond market positioning for less dovish Fed dot plot projections

  • Market now looking for Fed dot plot to show 2 hikes in 2024 down from 3

  • US 2-year yield has risen over 25 bps since low hit on Friday

  • AUD/USD has edged below 10-day MA (0.6582) to warn a top may be in place

  • Support is at 0.6555/60 where the 200-day and 21-day MAs converge

  • A break below 0.6555 would signal trend higher has ended and more downside

  • Resistance is at 0.6630/35 where sellers are tipped

  • Consolidation may set in ahead of RBA and Fed meetings next week

  • For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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