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Jul 06 - 07:55 PM

AUD/USD - Support Vulnerable As Commodities Continue Slide

By Krishna K  —  Jul 06 - 06:20 PM
  • AUD/USD on the defensive in Asia after closing 0.25% lower on Wednesday

  • Global recession fears, broadly stronger USD, China COVID curbs undermine

  • Pivotal support under increasing pressure as oil, metals continue to drop

  • Copper hits almost 20-mth low, oil drops 4% to 12-week low before recovering

  • Fed June meeting minutes reflect hawkish stance, taken in stridenL1N2YN1SA

  • 50% retracement of 0.5510-0.8007 rise at 0.6758 has held 3 attempts thus far

  • Loss opens ratchet towards 0.6648, June 2020 low; resistance 0.6825, 0.6850

  • For more click on FXBUZ


Source:
Refinitiv IFR Research/Market Commentary

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