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Jan 08 - 01:55 AM

AUD/USD - Gives Back Early Gain In Quiet Asia Session

By John Noonan  —  Jan 07 - 10:10 PM
  • AUD/USD closed +0.1% Friday @ 0.6714 and traded in a 0.6710/34 range in Asia

  • The move higher early reversed when Asian stock markets fell late morning

  • The AXJ equity index finished the morning down 0.50%

  • The AUD/USD is trading 0.6710 heading into the afternoon session

  • AUD/USD support at Friday's 0.6641 low, which is the 38.2 of Oct-Dec rise

  • A break below 0.6640 targets 0.6585 where the 55 and 200-day MAs converge

  • Resistance is @ 10-day MA @ 0.6777 & break would suggest bottom is in place

  • Trading was thin due to Japan holiday today

  • For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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