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Nov 16 - 10:55 PM

AUD/USD - Under Pressure As China Related Assets Sell Off

By John Noonan  —  Nov 16 - 10:15 PM
  • AUD/USD opened -0.22% at 0.6741 after strong US data and weak commodities weighed

  • After trading to 0.6749 it drifted lower and was around 0.6735 into Aus jobs

  • Aus employment data beat expectations, but AUD/USD didn't react nL1N32D01X

  • It started to come under pressure as China related assets started to fall

  • Hang Seng fell 2.5% while the USD/CNH rose over 0.40% to 7.1440

  • Concerns over China demand due to COVID policies returned to weigh on AUD

  • AUD/USD is trading at session lows at 0.6710/15 heading into the afternoon

  • Buyers ahead of 0.6700 may slow fall with support @ Monday low @ 0.6664

  • AUD/USD trending higher with the 5, 10 & 21-day MAs in a bullish alignment

  • A break below the 10-day MA at 0.6612 would suggest a top is forming

  • Sellers tipped at 0.6800 with resistance @ 50% of 2022 high/low @ 0.6915

  • For more click on FXBUZ










Source:
Refinitiv IFR Research/Market Commentary

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