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May 03 - 07:55 PM

AUD/USD - Recovers With Risk Assets As USD Broadly Eases

By John Noonan  —  May 03 - 06:21 PM
  • AUD/USD opens 0.65% higher after USD broadly eased after weaker ISM nL1N2MQ1OP

  • Buoyant risk also underpinned as NY copper rose 1.35% and Dow rose 0.70%

  • Much of USD losses/AUD/USD gains due to reversal of Friday's month-end flows

  • AUD/USD closed above 10-day MA @ 0.7757 to shift the pressure to the upside

  • Resistance is @ Friday's 0.7796 high and key resistance @ 61.8 fibo @ 0.7825

  • Support at 21-day MA at 0.7717 and 0.7690/0.7700 where daily lows have held

  • Key event today will be RBA decision and statement

  • RBA will likely reinforce their dovish bias after last week's soft Aus CPI nL4N2MQ0A9

  • The RBA decision unlikely to have a lasting impact on the AUD/USD

  • For more click on FXBUZ










aud/usd Click here

Source:
Refinitiv IFR Research/Market Commentary

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