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May 16 - 07:55 PM

AUD/USD - Outperforms As Market Shrugs Off Weak China Data

By John Noonan  —  May 16 - 06:30 PM
  • AUD/USD opens +0.49% after reversing higher after fall in Asia

  • AUD up against most crosses despite weak China data

  • Oil and copper finished higher, as investors shrugged off the China data nL2N2X80EZnL2N2X8036

  • Investors ignored the weak data and instead priced in a China recovery

  • AUD/USD resistance is at the 10-day MA at 0.7001 and break eases pressure

  • Key resistance at the 21-day MA at 0.7104 and break would suggest a bottom is in place

  • RBA minutes for the May meeting today and tone may impact RBA expectations

  • For more click on FXBUZ










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Source:
Refinitiv IFR Research/Market Commentary

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