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Jul 05 - 07:55 PM

AUD/USD - Sinks With Commodities But Major Support Holds

By Krishna K  —  Jul 05 - 05:55 PM
  • AUD/USD drops 0.9% Tuesday as commodities selloff on global recession fears

  • New York copper down 4.6%, U.S. crude -8% on fears of demand destruction

  • Weighed down by broadly stronger USD on risk aversion and stubborn inflation

  • Fed June meeting minutes awaited Wed as traders brace for 75bps hike in July

  • RBA 50bps hike Tues taken in stride; markets price in another 50bps Aug hike

  • Support at 0.675850, 50% of 2020-21 rally continues to hold; Tues low 0.6762

  • Break 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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