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May 23 - 10:55 PM

AUD/USD - Soft Metals, Reluctant RBA, And Firmer USD Weigh

By Andrew M Spencer  —  May 23 - 09:27 PM

  • Flat after closing down 0.55% amid broad USD strength, Dalian iron ore -4.6%

  • USD leads AUD at present - resulting in choppy AUD consolidation

  • Major AUD or the USD news needed ti trigger a breakout of the range

  • RBA seen lagging global peers on rate rises, despite upswing nL2N2N80C7

  • Bounce leaves the AUD in the middle of the 0.7670-0.7890 broad range

  • Charts, momentum studies, 5, 10 & 21 daily moving averages crest, ease

  • Modest negative setup not unusual at the lower end of the resilient range

  • Value in fading 0.7688-0.7846 21 day Bolli band with stops outside the range

  • NY 0.7719-0.7783 range is initial support and resistance


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Source:
Refinitiv IFR Research/Market Commentary

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