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Nov 22 - 01:55 PM

AUD/USD's Early NorAm Gain Reversed After Powell Tapped For Second Term

By Paul Spirgel  —  Nov 22 - 01:17 PM
  • Aussies early NorAm gain vs USD fleeting, pair -0.01% to 0.7230 into close

  • Pair slid from NY high 0.7273 near o/n low after Powell renomination

  • Powell tapped for 2nd term as Fed chair, Brainard as vice-chair nL1N2Q11LH

  • U.S. progressives frustrated by WH delay on new reg chief nL1N2SD1GR

  • Powell appointment may lead to faster hike pace, RBA now seen steady til '24

  • AUD/USD supt at lwr 30-d Bolli by 0.7223, 200-WMA at 0.7196, 2021 low 0.7107

  • Bulls need a rise into daily cloud, above 10-DMA (0.7299)

  • 10-DMA has capped AUD/USD since early Nov highs above 0.75

  • Above 10-DMA res at rising daily cloud top 0.7319, 55/100-DMA by 0.7350

  • Any hawkish tilt away from RBA's 2024 hike talk should help reverse AUD's Nov slide

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Source:
Refinitiv IFR Research/Market Commentary

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