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May 01 - 07:55 PM

AUD/USD - Opens Higher After Volatile Close In Wake Of Fed

By John Noonan  —  May 01 - 06:35 PM
  • AUD/USD opens +0.79% after the Fed and USD/JPY collapse impacted trading

  • The Fed retained a cautious-patient dovish bias at their meeting today nL1N3H31SH

  • US yields and USD fell while Wall Street initially soared higher nL1N3H42A5

  • A frenzied selloff on Wall Street in the last hour saw big gains evaporate nL1N3H42NT

  • There was more volatility in USD/JPY as it collapsed from 157.50 to 153.00

  • Suspected MOF intervention behind move - before it rebounded to 155.00 nL1N3H42TN

  • AUD/USD now above the 10, 21 and 200-day MAs to give it a bullish bias

  • Support is at 0.6500/05 where the 10 & 21-day MAs converge

  • Resistance is at the April 29 high at 0.6587 and April 9 high at 0.6644

  • Focus today will be on the USD/JPY and Asian equity market reaction to Fed

  • For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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