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May 28 - 12:12 AM

AUD/USD - Equity Market Rally Thwarting Attempts To Correct

By John Noonan  —  May 27 - 12:00 AM
  • AUD/USD opened 0.6656 after soaring 1.73% Tuesday as AUD outperformed

  • It eased to 0.6631 when Asian equity markets dipped on Hong Kong tensions nL4N2D90QX

  • S&P futures rallied later in the morning (+0.70%) and helped AUD/USD rally

  • AUD/USD is trading around 0.6650 heading into the afternoon

  • Resistance is at the 200-day MA at 0.6658 and 76.4 of 0.7032/0.5510 @ 0.6672

  • A close above 0.6675 targets a full retracement above 0.7000

  • Market hesitant to buy aggressively due to US-China tensions

  • Key will be S&P as a Clear break above 3,000 will encourage fresh AUD buying

  • Support is at former resistance at 0.6616 and break eases upward pressure










aud/usd Click here

Source:
Refinitiv IFR Research/Market Commentary

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