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Jul 28 - 07:55 PM

AUD/USD - Opens Barely Changed As Main Factors Offset

By John Noonan  —  Jul 28 - 06:35 PM
  • AUD/USD opens unchanged after trading in a 0.6955/0.7013 range Thursday

  • Growth fears cap AUD, as US GDP printed negative for second quarter in a row nL1N2Z83DU

  • Falling US yields and buoyant equities and commodities underpin AUD/USD nL1N2Z926ZnL1N2Z90U1nL1N2Z938U

  • AUD/USD rally capped at the base of the daily cloud at 0.7013

  • More resistance is at the 38.2 of the 0.7661/0.6682 move at 0.7156

  • AUD/USD trending higher with the 5, 10 & 21-day MAs in a bullish alignment

  • A break below the 10-day MA at 0.6933 would suggest a top is forming

  • AUD/USD likely to remain elevated while commodities remain resilient

  • Key today will be Tokyo AUD/JPY flows after it fell 1.70%

  • For more click on FXBUZ








Source:
Refinitiv IFR Research/Market Commentary

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