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Aug 11 - 06:55 AM

AUD/USD - Set For A Fourth Negative Week

By Peter Stoneham  —  Aug 11 - 05:45 AM
  • Favourable U.S. dollar yield differentials again in play

  • China economic growth concerns weighing on sentiment too

  • AUD, in line with broader market, did stage a late Thurs rally vs the USD

  • A 0.6514 to 0.6617 gain was, however, short lived and the AUD remains weak

  • Buyers are touted around 0.6500 with support at 0.6549, 2023 low

  • Resistance, on a closing basis, is at 0.6567, the 10-day moving average

  • A close above the average to ease pressure on the AUD

  • Technical bias is negative after the Thursday's bearish outside day

  • China growth scepticism will likely limit rallies in the short-term

    For more click on FXBUZ

Refinitiv IFR Research/Market Commentary


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