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Oct 17 - 07:55 PM

AUD/USD - Strong Gain As UK Government U-Turn On Policy Leads USD Lower

By John Noonan  —  Oct 17 - 05:50 PM
  • AUD/USD opens +1.47% after completely reversing Friday's loss

  • UK policy U-turn led to GBP/USD spike higher and broad USD selling nL1N31I10G

  • It also sparked a relief rally in equities that also underpinned AUD nL1N31I1V2

  • AUD/USD resistance is at the 10-day MA at 0.6320 where selling is tipped

  • Bids are eyed at 0.6240 with yesterday's low at 0.6207

  • The 5, 10 & 21-day MAs in bearish alignment - but 5-day starting to tilt higher

  • A break above the 10-day MA (0.6320) would confirm waning downward momentum

  • China growth data due today has been postponed

  • For more click on FXBUZ










Source:
Refinitiv IFR Research/Market Commentary

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