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Oct 10 - 07:55 PM

AUD/USD - Falls Sharply On Rising Recession Fears

By John Noonan  —  Oct 10 - 05:45 PM
  • AUD/USD opens -1.12%, as AUD fell against every major currency

  • Rising recession fears stoked by comments from JP Morgan's Dimon nL4N31B2C0

  • AUD/USD took the brunt of USD buying - falling to fresh 2 1/2 low

  • AUD/USD trending lower with the 5, 10 & 21-day MAs in a bearish alignment

  • Only a break above 10-day MA at 0.6431 would ease downward pressure

  • Minor support at April 2020 weekly low at 0.6253

  • Objective of current trend is the 76.4 of pandemic low/high at 0.6099

  • Key is Asia will be Tokyo AUD/JPY flows after cross fell to 2-month low

  • NAB business survey out today, but unlikely to impact AUD sentiment

  • For more click on FXBUZ









Source:
Refinitiv IFR Research/Market Commentary

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