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May 28 - 05:00 PM

AUD/USD - Opens Lower After Mixed Signals In Whippy Session

By John Noonan  —  May 27 - 06:35 PM
  • AUD/USD opens 0.47% lower at 0.6625 after an extremely whippy US session

  • It traded to a 11-week high at 0.6680 before vicious reversal to 0.6567

  • Late rally on Wall Street helped lift the AUD/USD back above 0.6600

  • Move lower coincided with risk-off pulse on China concerns and weak CNY nL4N2D913M

  • AUD/USD resistance between 0.6655/85 proving sticky and warns of correction

  • 200-day MA @ 0.6658; 76.4 of 0.7032/0.5510 @ 0.6672 & March 9 high @ 0.6685

  • Support at 10-day MA at 0.6560 and 21-day MA at 0.6510

  • Correlation between AUD/USD and S&P showing signs of breaking down

  • FX market caught between growing China concerns and surging Wall Street










aud/usd Click here

Source:
Refinitiv IFR Research/Market Commentary

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