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Aug 06 - 07:55 PM

AUD/USD - Quiet Start After Rallying In Wake Of US Jobs Report

By John Noonan  —  Aug 06 - 06:45 PM
  • AUD/USD trading just above 0.6570 -where it closed on Friday

  • It rose 0.32% Friday - - but well off the post US jobs figure high at 0.6610

  • Thursday Friday bounce is corrective at this stage, as trend lower persists

  • The 5, 10 & 21-day MAs are in a bearish alignment and pointing south

  • Only a break above the 10-day MA at 0.6647 would suggest a bottom is forming

  • Support is at last week's 0.6516 low and the May 31 low at 0.6459

  • AUD vulnerable as market grows impatient waiting for China stimulus

  • Signs that Wall Street is ready to correct lower could also weigh on AUD

  • For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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