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Aug 12 - 07:55 PM

AUD/USD - Opens Lower After Giving Back Wednesday's Gains

By John Noonan  —  Aug 12 - 06:22 PM
  • AUD/USD opens 0.47% lower and underperformed as USD broadly strengthened nL1N2PJ22X

  • Choppy range trading in AUD/USD has formed a short-term pennant

  • The bottom of the pennant is at 0.7321 and the top is at 0.7373

  • A clear break of wither level should see a price extension

  • Closer resistance is at 0.7360/65 where the 10 & 21-day MAs converge

  • AUD/USD gains limited by Australia COVID shutdowns and China demand concerns

  • For more click on FXBUZ










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Source:
Refinitiv IFR Research/Market Commentary

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