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May 09 - 03:55 PM

AUD/USD - Shorts Struggle To Maintain Momentum

By Christopher Romano  —  May 09 - 01:35 PM
  • AUD/USD fell overnight, NY opened near 0.6765, drop extended in early trade

  • AUD/JPY drop toward 91.10, equity ESv1 losses helped drag AUD/USD down

  • Rise in US yields US2YT=RR helped drive broad based US$ buying

  • Pair struck 0.6747 when buyers emerged, pair bounced toward 0.6760 late

  • Bounce aided by USD/CNH fall from session high, buoyant iron-ore DCIOc2

  • AUD/USD holds within May 8 daily range, implies consolidation phase likely

  • Rising monthly RSI & hold above the 200-DMA reinforce bullish signals

  • US April CPI and the core CPI are key data risks for Wednesday

  • For more click on FXBUZ

Refinitiv IFR Research/Market Commentary


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