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May 24 - 07:55 PM

AUD/USD - Opens 1.0% Lower As Negative Factors Mount

By John Noonan  —  May 24 - 06:35 PM
  • AUD/USD opens 1.0% lower - after making a fresh 2023 low at 0.6529

  • Fundamentals are lining up to keep AUD/USD vulnerable in days ahead

  • China demand concerns weighing on key commodities - as NY copper fell 2.4% nL8N37L2WP

  • Equities under pressure as debt ceiling approaches and inflation fears rise nL1N37L2Z4

  • Hot UK inflation and hawkish Fed speak pushing US yields higher nL1N37L2XB

  • USD higher across the baord on higher US yields and flight to safety nL1N37L2JH

  • AUD/USD fell below 61.8 of 2022/2023 rise @ 0.6547 - a 6-month low

  • Next support is at the 76.4 of 0.6170/0.7158 move at 0.6403

  • AUD/USD trending lower with the 5, 10 & 21-day MAs in a bearish alignment

  • Resistance is at the 10-day MA at 0.6627 and break would ease the pressure

  • For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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