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Nov 11 - 08:55 AM

AUD/USD - China's Yuan To Drive AUD/USD Action

By Justin Mcqueen  —  Nov 11 - 07:00 AM
  • USD/CNH prints fresh post-election high (7.22) as dollar bid extends

  • With RBA playing second fiddle, yuan price action should guide AUD

  • For now, U.S. election/trade risks to trump local AU newsflow

  • Talk of trade hawk Lighthizer as Trade Sec pushed back nL1N3MF12A

  • Though such outcome would likely prompt kneejerk move lower for CNH, AUD

  • A move through 7.30 in USD/CNH could take AUD below 0.65

  • Resistance in AUD/USD = 0.6630 (200DMA), 0.6688 (post-election high)

  • Support = 0.6513 (Nov 6 low), 0.6500

For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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