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May 08 - 06:55 AM

AUD/USD - Drops To Test May 3 Low As Iron Ore Slips

By Rob Howard  —  May 08 - 06:00 AM
  • AUD/USD tests 0.6565 (May 3 low) after extending south from 0.6649

  • 0.6649 was Tuesday's high, before RBA maintained neutral stance on rates

  • Lower iron ore prices weigh on AUD (iron ore is big export earner for Oz)

  • Support points below 0.6565 include 0.6558, 50% retracement of 0.6466-0.6650

  • 0.6466 was last week's low (May 1, before relatively dovish Powell hurt USD)

  • Australia's PSC to be bought by UK's Ardonagh in A$2.26 billion deal

Source:
Refinitiv IFR Research/Market Commentary

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