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Feb 27 - 08:55 AM

AUD/USD - Support Holds, But 200DMA Likely To Keep A Lid On Gains

By Justin Mcqueen  —  Feb 27 - 07:35 AM
  • AUD/USD bounces off initial support at 0.6525 (Dec/Jan lows)

  • Move higher underpinned by cross-related AUD/NZD buying ahead of RBNZ

  • However, the 200DMA (0.6563) remains a challenge for longs

  • Yuan also signals a limit to how much AUD can rise from here

  • Key focus for bulls is a daily close above the 200DMA to open up 0.66

  • Failure to do so will keep shorts in control

  • AU event risk - monthly CPI. Weighted CPI f/c 3.6% from 3.4%

  • RBNZ Preview nL2N3FC0PJ

  • NZD/USD net longs at a 1yr high nL2N3FB1I8

For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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