By John Noonan — Oct 17 - 05:40 PM
AUD/USD opens +0.38% and was best performing major currency Tuesday
Move higher largely due to AUD/NZD buying as cross rose close to 1.0%
AUD/USD strength surprising given significant rise in US yields nL1N3BN2JO
Hawkish shift in RBA expectations following RBA minutes underpinned AUD
RBA Governor Bullock speaks today and could add colour to RBA outlook
China GDP, IP and retail sales could also impact AUD sentiment
AUD/USD resistance is at the 21-day MA at 0.6382
Close above 0.6385 conforms base is in place at the double-bottom at 0.6286
More resistance is at 55-day MA (0.6426) which has held since Aug 1
Support is at Tuesday's 0.6335 low and break shifts pressure to downside
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Source:
Refinitiv IFR Research/Market Commentary