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Apr 18 - 01:55 AM

AUD/USD - Firms After Hawkish RBA And Stronger China Data

By John Noonan  —  Apr 17 - 11:35 PM
  • AUD/USD opened -0.12% at 0.6701 after USD moved up with higher US yields nL1N36K27N

  • RBA minutes were hawkish as they considered April hike and left door open for more tightening nS9N34G024

  • AUD/USD moved up to 0.6720 before easing back to 0.6705/10

  • It received another boost from better than expected China growth numbers nB9N35S02FnB9N35S02G

  • After small reaction initially - AUD/USD moved higher to 0.6724

  • A 2%-plus rise in Dalian iron ore helped to underpin AUD

  • Heading into the afternoon it is trading around 0.6720

  • Sellers around 0.6725 capping for now with resistance at 100-day MA @ 0.6800

  • Support is at 0.6695/0.6700 where the 10 & 21-day MAs converge

  • Key will be offshore reaction to strong China data and hawkish turn in RBA expectations

  • For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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