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Mar 05 - 10:55 PM

AUD/USD - Recovers From Early Selling As Asia Stocks Rebound

By John Noonan  —  Mar 05 - 10:00 PM
  • AUD/USD opened flat at 0.6504 as lower US yields underpinned at lows

  • Asia started the session risk off and the AUD/USD slipped to 0.6492

  • Aus Q4 GDP came in around expectations and had no impact on AUD/USD nL2N3FK021

  • Asian equities recovered late morning and AUD/USD moved up to 0.6510

  • The AXJ equity index rose to +0.25% from -0.25% earlier on

  • AUD/USD resistance is at 0.6520/25 where the 10 & 21-day MAs converge

  • A close above 0.6525 would shift the pressure to the upside

  • Support is at Tuesday's 0.6477 low and the May 13 low at 0.6443

  • Key today will be bond market reaction to Powell testimony

  • For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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