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Mar 07 - 10:55 PM

AUD/USD - Maintains Bid Tone After Sharp Two-Day Rise

By John Noonan  —  Mar 07 - 10:00 PM
  • AUD/USD opened +0.84% at 0.6619 after outperforming on broad USD sell-off nL2N3FL2I0

  • AUD/USD up 1.77% in last two days on lower US rate view and China optimism

  • A Friday close above 0.6567 would complete a bullish outside week

  • It remained bid in Asia and traded to 0.6629 before settling around 0.6620

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

  • Resistance is at the 50% retracement of the Dec-Feb fall at 0.6657

  • Support is at the 10-day MA and 0.6541 and the 21-day MA at 0.6535

  • A break below 0.6530 would suggest upward momentum is waning

  • US jobs today will be key with focus on bond and stock market reactions

  • For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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