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Oct 21 - 01:55 PM

AUD/USD - Dip Buyers Struggle At Old Support Turned Into Resistance

By Christopher Romano  —  Oct 21 - 12:35 PM
  • AUD/USD hit a 4-sessionlow of 0.6212 but then rallied sharply

  • Broad based US$ sales, US rate drops, equity gains drive risk-on

  • AUD/USD climbed above the 10-DMA and October 20 daily high

  • Rally extended and probed old support in the 0.6360/0.6400 zone

  • 0.6379 traded before US$ buyers returned, pair slipped below 0.6345

  • Daily RSI diverged, bullish outside day & monthly bull hammer form

  • Technicals are beginning to highlight upside risks

  • Break of resistance likely to squeeze shorts, 0.6550 then come into focus

  • For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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