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May 16 - 03:55 PM

AUD/USD - Bulls Shrug Off Weak China Data, Eye 10-DMA Resistance Above 0.70

By Paul Spirgel  —  May 16 - 01:35 PM
  • AUD$ higher in NorAm ending NY +0.24% at 0.6950; Mon range 0.6961-0.6873

  • Pair bid sub-0.69, o/n dip on weak China data glbl growth concerns reversed

  • USD soft as hawkish Fed expectations temper amid mounting recession concerns

  • AUD$-O/n China-related weakness pared; traders prep for US data nL2N2X81EI

  • Bears in control, AUD bulls need to regain the 10-DMA at 0.7012 to stem tide

  • Bull gain short-term momentum above 0.7048, 50% Fib of 0.7267-0.6829

  • Resistance at series of falling DMAs from 10-DMA to 55-DMA at 0.7299

  • Support at May 12's 2022 low 0.6829, then lower 30-d Bolli 0.6804

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AUD Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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