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Oct 23 - 07:55 PM

AUD/USD - Key Support Under Pressure, As Risk Appetite, USD Lead

By Andrew M Spencer  —  Oct 23 - 07:20 PM
  • Steady early after closing down 0.75% as commodities and risk appetite fell

  • The stronger USD +0.3% weighed as rising USTs price a potential Trump win

  • Judo bk PMI's - Manufacturing PMI 46.6 last 46.7, Services 50.6 last 50.5,

  • Composite 49.8 last 49.6 - modest changes are unlikely to impact on the AUD

  • There is no other data or RBA speeches so risk appetite and the USD lead AUD

  • Charts; 5, 10 & 21-day moving averages fall, daily momentum studies ease

  • 21-day Bollinger bands slip - daily charts show the downtrend is in play

  • 0.6628 200-day moving average and 0.6622 September low under pressure

  • Break targets a test of the 0.6575 0.618% of the August-September rise

  • 0.6686 10-day moving average, then the 0.6758 21-DMA are first resistances

For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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