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Mar 09 - 07:55 PM

AUD/USD - Opens Unchanged After Rally Killed By Risk Aversion

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

Refinitiv IFR Research/Market Commentary


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