By John Noonan — Mar 09 - 05:40 PM
AUD/USD opens Asia unchanged at 0.6590 after whippy session
AUD/USD rallied when the USD fell sharply - led by USD/JPY
It reversed lower when Wall Street melted lower fall after opening higher
Risk aversion took hold led by a plunge in the banking sector nL1N35H29S
AUD/USD traded as high as 0.6635 before reversing to close at 0.6590
It is trending lower with the 5, 10 & 21-day MAs in a bearish alignment
Resistance is at the 10-day MA at 0.6681 and break would ease the pressure
Support is at the 61.8 of the 0.6170/0.7158 move at 0.6547
AUD/USD likely to consolidate in Asia ahead of key US jobs data later today
A strong US payroll report would likely push USD higher and upset risk assets
For more click on FXBUZ
Source:
Refinitiv IFR Research/Market Commentary