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Oct 31 - 07:55 PM

AUD/USD - Opens Slightly Lower As US Yields Rise And Commodities Slump

By John Noonan  —  Oct 31 - 05:45 PM
  • AUD/USD opens -0.22% as higher US yields broadly supported the USD nL1N31W1JA

  • AUD performed reasonably well on crosses despite another fall in commodities nL1N31W0CY

  • Market focus today will be on RBA decision where a 25 BP hike is expected

  • It will be a close call, as the RBA will likely debate hiking 50 BPs nL4N31W03V

  • AUD/USD support is a the 10-day MA at 0.6380 and 21-day MA at 0.6358

  • Resistance is at the 38.2 of the 0.7136/0.6170 move at 0.6539

  • AUD/USD will likely ease if RBA hikes 25 BPs and test 21-day MA (0.6358)

  • A 50 BP RBA hike may see buying and a push towards 0.6500

  • Any reaction likely to be short-lived as focus shifts to Fed decision

  • For more click on FXBUZ

Refinitiv IFR Research/Market Commentary


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