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Jan 01 - 04:55 PM

AUD/USD - Choppy Start As Late 2023 Trend Higher Loses Momentum

By John Noonan  —  Jan 01 - 04:30 PM
  • AUD/USD off to a choppy start as market still thin due to holidays

  • It last traded at 0.6810 after opening trade was at 0.6831

  • AUD/USD late 29023 rise halted at 0.6871 - ahead of 0.6895/0.6900 resistance

  • Rounding top warns momentum higher is starting to wane

  • AUD/USD trending higher with the 5, 10 & 21-day MAs in a bullish alignment

  • A close below the 10-day MA at 0.6803 would warn of deeper correction

  • It needs to clear triple-top at 0.6895/0.6900 to reignite upward momentum

  • Overbought slow stoch readings have corrected to neutral, which is positive

  • Key today will be Asia reaction to weak China PMI released on weekend nL4N3DM19W

  • Caixin Dec Mfg PMI is out today with market looking for 50.4

  • For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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