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Jan 02 - 07:55 PM

AUD/USD - Opens Lower As US Yields Rise And USD Shorts Cover

By John Noonan  —  Jan 02 - 05:35 PM
  • AUD/USD opens -0.71% as USD reclaimed a chunk of ground lost into year-end nL1N3DS1HM

  • US yields rose sharply as dovish Fed pricing was overdone late December nL1N3DS1GW

  • AUD/USD trend higher stalled and the 5-day MA has crossed below the 10-day

  • Support is at the 21-day MA @ 0.6722 and break would confirm uptrend is over

  • The 10-day MA @ 0.6806 is now resistance - with offer tipped ahead of 0.6800

  • AUD/USD has gone from extremely overbought to modestly over sold

  • A break below 0.6720 targets the 38.2 of the Oct/Dec rise at 0.6641

  • A break above 0.6810 would likely re-ignite the short-term trend higher

  • For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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