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Aug 28 - 07:55 PM

AUD/USD - Opens Under Pressure After Bearish Outside Day

By John Noonan  —  Aug 28 - 05:55 PM
  • AUD/USD slid 1.3% Friday and completed a bearish outside day reversal

  • It traded 0.7009 before Fed Chair Powell delivered a very hawkish speech nL1N30219A

  • USD broadly rose after speech with AUD also undermined by Wall Street slide nL1N3021ZB

  • The reversal lower took the AUD/USD below support at the 10-day MA (0.6922)

  • The 10-day MA is now resistance with key support looming at 0.6855

  • It is the 61.8 of 0.6682/0.7146 and where it bottomed last week

  • A break below 0.6850 targets the year's trend low at 0.6682

  • Key today will be reaction in Asian equity markets after Wall Street fall

  • For more click on FXBUZ










Source:
Refinitiv IFR Research/Market Commentary

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