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Aug 01 - 07:55 AM

AUD/USD - Major Support Vulnerable After RBA Stay - Beware NFP!

By Richard Pace  —  Aug 01 - 05:35 AM
  • RBA was expected to have a binary effect on AUD/USD so rate stay hit hard

  • Extends setback from Monday's recovery high at 0.6740 to 0.6626 Tuesday

  • Mild support ahead of Fri 0.6623 low, break opens 29 June 0.6595 low

  • 0.6595 is a double weekly low - close below on Fri would be a bearish sign

  • Weekly close sub 0.6595 opens potential to 31 May and 2023 low at 0.6459

  • A strong NFP number that further emboldens USD bulls could prove catalyst

For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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