By Andrew Spencer — Jan 05 - 05:45 PM
• Steady early after closing up 0.25% with the U.S. dollar off 0.3%
• AUD bid offshore as risk appetite returned, led by a bounce on Wall Street
• There is no Australian data today so risk appetite and the USD lead AUD/USD
• Charts: 21-day Bollinger bands slip, oversold momentum studies base
• 5, 10 & 21 daily, and weekly moving averages trend lower - a bearish setup
• The 0.6170 2022 low holds - break would target 0.5980 April 2020 base
• The 0.6274 Dec 20th high and 21 DMA is the pivotal short-term resistance
• A sustained break of 0.6274 would initially target the 0.6382 Dec 13th
high
Andy
(Andrew Spencer is a Reuters market analyst. The views expressed are his own.)
Source:
London Stock Exchange Group | Thomson Reuters