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Oct 11 - 07:55 PM

AUD/USD - Opens Higher After Significantly Outperforming

By John Noonan  —  Oct 11 - 06:05 PM
  • AUD by far the best performing currency - rising almost 1.5% against the JPY

  • AUD/USD opens nearly 0.5% higher despite broad USD strength and Wall Street fall nL1N2R71FVnL1N2R71XQ

  • Soaring copper and iron ore prices helping to underpin the AUD/USD

  • AUD also getting support from huge rise in Aus 10-year bond yield

  • The Aus 10-year yield is now more than 10 BPs higher than US 10-year yield

  • AUD/USD resistance at 76.4 of 0.7477/0.7170 move at 0.7405

  • Objective of move is a full retracement back to 0.7477

  • Support is at the 10-day MA at 0.7284 and break eases upward pressure

  • NAB business survey today, but shouldn't be a market mover

  • Key today will be Tokyo reaction to huge rise in AUD/JPY

  • For more click on FXBUZ










aud/usd Click here

Source:
Refinitiv IFR Research/Market Commentary

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