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Oct 10 - 09:55 PM

AUD/USD - Slide Looks Overdone - May Correct Higher Before Down Again

By John Noonan  —  Oct 10 - 07:55 PM
  • AUD/USD fall past 24 hours appears exaggerated by poor liquidity

  • AUD fell hard against every currency including the CAD and NZD

  • Key commodities were mixed with Lon copper rising 1.70%

  • There isn't an obvious reason for AUD extreme under-performance

  • Daily slow stochastic readings are extremely over-sold

  • Barring fresh news - AUD/USD may correct higher in immediate-term

  • Correction to 0.6360/80 window would present a better selling opportunity

  • The trend is still down with the 5, 10 & 21-day MAs in a bearish formation

  • Selling rally to 0.6360/80 with stop above 10-day MA at 0.6431 is favoured

  • For more click on FXBUZ










Source:
Refinitiv IFR Research/Market Commentary

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