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Mar 09 - 10:55 PM

AUD/USD - Slips As Asia Deeply Risk-Off Ahead Of US Jobs

By John Noonan  —  Mar 09 - 10:00 PM
  • AUD/USD opened unchanged at 0.6590 after rally failed at 0.6635

  • Wall Street slumped in US afternoon to put the pressure back on AUD

  • Asia continued in risk-off mode with equity market falling hard

  • E-mini futures fell another 0.45% while the AXJ index slumped 1.55%

  • The AUD/USD fell to 0.6564 before settling around 0.6675 into the afternoon

  • Limiting fall was US 2-year yield easing 10 bps after falling 20 bps Thurs

  • Fall in US yields due to fears of systemic risk in US banking network [nL1N35I04V]

  • Financial market stress could force Fed to be less aggressive

  • Volatility likely to continue into US jobs and be AUD-negative

  • Support is at the 61.8 of the 0.6170/0.7158 move at 0.6547

  • A break below 0.6545 would be bearish and intensify down-trend

  • Resistance is at the 10-day MA at 0.6680

  • For more click on FXBUZ










Source:
Refinitiv IFR Research/Market Commentary

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