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Jul 05 - 11:55 PM

AUD/USD - Claws Back Some Ground Despite Sluggish Risk Assets

By John Noonan  —  Jul 05 - 11:30 PM
  • AUD/USD opened 1% lower at 0.6800 after USD soared and commodities cratered nL1N2YM1S3nL1N2YM0LD

  • After trading at 0.6788 the AUD/USD struck a bid tone and tracked higher

  • Move sparked by move up in oil and E-minis and AUD/USD traded to 0.6818

  • E-minis turned negative and crude gave back gains, but AUD/USD remained bid

  • Heading into the afternoon session the AUD/USD is around 0.6810

  • Resistance is at 0.6865 where sellers are tipped to be waiting

  • Support is at the 50% of the 0.5510/0.8007 move at 0.6758

  • AUD/USD short covering due to that support holding twice in the last week

  • The trend is for lower and rallies are likely selling opportunities

  • Key commodities remain vulnerable as demand diminishes due to slowing growth

  • For more click on FXBUZ









Source:
Refinitiv IFR Research/Market Commentary

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