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May 11 - 07:55 PM

AUD/USD - Opens Lower As Safe-Haven Flows Support USD

By John Noonan  —  May 11 - 06:45 PM
  • AUD/USD opens -1.2% as USD broadly gained and risk assets fell

  • Soft data and US banking concerns weighed on global growth outlook nL1N3781N3nL1N3781HSnL4N3782WK

  • Global growth concerns sent NY copper plunging nearly 3.5% nL8N37834I

  • USD and JPY benefited from safe-haven flows as AUD/JPY fell around 1.0%

  • AUD/USD below the 10-day MA (0.6612) and testing 21-day MA (0.6694)

  • More support is at the 61.8 of the 0.6573/0.6818 move at 0.6666

  • A break below 0.6665 targets the 2023 trend low at 0.6564

  • Resistance is at the 100-day MA at 0.6791

  • Sentiment is bearish as investor sentiment has turned cautious

  • For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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