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Mar 26 - 12:12 AM

AUD/USD - Pressured In Asia By AUD/JPY Selling

By John Noonan  —  Mar 25 - 11:10 PM
  • AUD/USD opened slightly higher and immediately came under pressure

  • Pair had topped out at 0.6072 during US session and selling continued

  • AUD/USD and AUD/JPY selling ensued and AUD/USD stops triggered below 0.5930

  • After pause another round of AUD/JPY selling pushed AUD/USD down to 0.5870

  • AUD/JPY fell over 1.5% even though risk assets weren't under pressure

  • Selling was likely triggered by last minute bickering on US aid bill nL1N2BI0KN

  • Report Senate vote on bill will proceed helped stabilize the price action nL1N2BJ04O

  • Heading into the afternoon the AUD/USD was trading around 0.5900

  • AUD/USD support at 38.2 of 0.5510/0.6072 move at 0.5857

  • Break below 0.5850 would warn there is a short-term top in place

  • Resistance at the 10-day MA at 0.5828 and break would ease downward pressure






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Source:
Refinitiv IFR Research/Market Commentary

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