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Nov 04 - 01:55 AM

AUD/USD - China Inspired Rally Forces Short Covering Ahead Of US Jobs

By John Noonan  —  Nov 03 - 11:35 PM
  • AUD/USD opened -0.77% at 0.6302 after US yields and USD continued to move higher

  • It traded won to 0.6284 in early Asia when USD firmed and risk assets eased

  • There was no reaction the RBA SOMP nor Aus Q3 retail sales

  • The mood in Asia drastically changed late morning when China and Hong Kong stocks soared nL4N3200KJ

  • The Hand Seng jumped over 5.0% and the Shanghai Comp rose over 2.0%

  • The USD/CNH fell from 7.3380 to 7.2900 and underpinned AUD/USD

  • The AUD/USD traded up to 0.6326 and is at the high into the afternoon

  • Resistance is at the 21-day MA at 0.6336 and 10-day MA at 0.6381

  • Buyers are tipped around 0.6270 with support at Oct 21 low at 0.6212

  • Key for AUD/USD will be reaction to US payroll data later today nL4N3200GG

  • For more click on FXBUZ










Source:
Refinitiv IFR Research/Market Commentary

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