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Nov 13 - 05:55 PM

AUD/USD - Firm Start After Another Strong Gain On Friday

By John Noonan  —  Nov 13 - 04:30 PM
  • AUD/USD traded to 0.6722 early Asia before settling around 0.6710

  • It closed at 0.6707 Friday - up 1.33% and it gained 3.66% for the week

  • Hopes US inflation has peaked, strong commodities and China relaxation of COVID restrictions underpinning AUD sentiment nL1N3262WQnL1N3270X2

  • AUD/USD approaching 38.2 of 2022 high/low at 0.6739

  • Break above 0.6740 targets 0.6915 where 50% retrace and Sep 13 high converge

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

  • Support is at former resistance around 0.6550 with buyers at 0.6575/85

  • Only a break below the 10-day MA at 0.6494 threatens trend higher

  • For more click on FXBUZ










Source:
Refinitiv IFR Research/Market Commentary

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