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Aug 21 - 07:55 PM

AUD/USD - Offshore Optimism And The Soft USD Underpin

By Andrew M Spencer  —  Aug 21 - 07:20 PM
  • Up 0.1% early after closing down 0.04% with the U.S. dollar off 0.2%

  • Buoyant offshore risk appetite saw AUD make a brief 4th higher daily high

  • Lower UST yields and building confidence toward Fed rate cuts underpin risk

  • Judo Bank MFG PMI MFG 48.7 from 47.5, Svs 52.2 from 50.4 Comp 51.4 from 49.9

  • Charts; 5, 10 & 21 day, week moving averages climb - mixed momentum studies

  • 21-day Bollinger bands expand - overall a strong positive trending setup

  • Wednesday's 0.6761 high, then the 0.6798 July trend top are first resistance

  • Close below 0.6666/64 low this week and 10-DMA would end the topside bias

For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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