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Sep 23 - 07:55 PM

AUD/USD - Opens Higher As Heavy Short-Covering Of Risk Assets Underpin

By John Noonan  —  Sep 23 - 06:17 PM
  • AUD/USD opens 0.75% higher after large unwinding of safe-haven trades

  • There was large liquidation of short equities/long US Treasuries strategies nL1N2QP2DSnL1N2QP24L

  • The FX equivalent is short AUD/JPY and the cross soared around 1.25% higher

  • Fading Evergrande fears helped to fuel the short-covering in risk assets

  • AUD/USD above 10-day MA at 0.7291 with more resistance at 21-day MA @ 0.7331

  • Fibo resistance is at the 38.2 of the 0.7477/0.7222 move at 0.7318

  • Support down at 0.7220/25 proving to be solid as bids in that window hold

  • AUD may remain bid while the short-covering in risk assets dominates flows

  • For more click on FXBUZ










aud/usd Click here

Source:
Refinitiv IFR Research/Market Commentary

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