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May 06 - 03:55 PM

AUD/USD - Bulls Wary Of Friday's High; Shallow Pullback Hints At Likely Rise

By Paul Spirgel  —  May 06 - 01:50 PM
  • AUD$ ending NorAm, +0.26% at 0.6628; NorAm range 0.6638-0.6620

  • Pair holds near 2-mos high Fri's 0.6650, Mar 8 0.6667

  • AUD$ rally off Apr 19 low 0.6363 as Fed rate expectations turn less-hawkish

  • Commods a touch higher copper HGc1 +1.27%, oil CLc1 +0.22% aid AUD rise

  • Next key data Tues AU ret trade; RBA rate meeting Wednesday, no change exp'd

  • Techs are bullish; RSIs rising, pair above slew of daily MAs & daily cloud

  • Res 0.6642 upper 30-d Bolli, 0.6650 Friday's 2-mos high, 0.6667 Apr 19 high

  • Supt 0.6606 Monday Asia low, 0.6583 100-DMA, 0.6506 50% of 0.6363-0.6650

  • Close below 0.6505 shifts momentum back to AUD bears

  • For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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