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Jan 07 - 05:55 PM

AUD/USD - Bid Early Asia After Whippy Response To Friday's US Data

By John Noonan  —  Jan 07 - 04:30 PM
  • AUD/USD trading at 0l.6725 after closing +0.1% at 0.6714 on Friday

  • It fell hard in the wake of strong US jobs before reversing higher again nL1N3DV1WR

  • Soft ISM services PMI offset US jobs, as employment component weakened nN9N3C100O

  • Low was 0.6641 - validating support at the 38.2 of the Oct-Dec rise @ 0.6641

  • A break below 0.6640 targets 0.6585 where 55 & 200-day MAs converge

  • Resistance @ 10-day MA @ 0.6776 and break would shift pressure to the upside

  • AUD/USD starting to correct over-sold daily readings in the slow stochs

  • Likely to be a slow start to the week with Japan on holiday and no key data

  • For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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