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Aug 20 - 11:55 PM

AUD/USD - Steady As Traders Reluctant To Chase Rally

By Krishna K  —  Aug 20 - 11:00 PM
  • AUD/USD unchanged in Asia after rallying to a 1-month high of 0.6752

  • Boosted by sagging U.S. yields as Fed rate cut optimism remains entrenched

  • Forecasts of sizable downward revisions to U.S. payrolls data Wed support

  • If correct, will intensify expectations of a 50-bps Fed September rate cut

  • But traders reluctant to chase AUD rally after a 2% rise since Thursday

  • A growing perception that a dovish Fed outlook is priced in caps gains

  • Resistances 0.6755-0.6764, daily highs in mid-July, stronger @ 0.6788-0.6798

  • Support 0.6695-0.6700,0.6670; Asia range 0.6752-0.6740

  • For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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