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Aug 30 - 07:55 PM

AUD/USD - Opens Lower After Whippy Session Ahead Of China PMI

By John Noonan  —  Aug 30 - 06:25 PM
  • AUD/USD opens -0.75% and was worst performing major currency

  • It traded as high as 0.6956 before reversing to below 0.6850 at one stage

  • Falling commodities and weak equities heavily weighed on AUD

  • USD firmed after stronger than expected US JOLTS and consumer sentiment

  • AUD/USD rally stopped short of the 21-day MA which came in at 0.6958 Tuesday

  • The 21-day MA eases to 0.6955 today and has been validated as key resistance

  • Support is at Monday's 0.6841 low and break increases downward pressure

  • China Aug Mfg PMI is key event for AUD/USD today with market expecting 49.2

  • Global growth concerns should continue to limit AUD/USD upside

  • For more click on FXBUZ










Source:
Refinitiv IFR Research/Market Commentary

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