AUD/USD: Near term risks to the downside – OCBC
|The Australian Dollar (AUD) traded with a heavy bias amid disappointment with Chinese stimulus post-NPC while higher UST yields, USD weighed. AUD was last seen at 0.6545 levels, OCBC’s FX analysts Frances Cheung and Christopher Wong note.
Mild bullish momentum on daily chart is fading
“Near term, policy uncertainties associated with Trump presidency may continue to see swings in AUD but also, lack of impactful Chinese stimulus may well influence AUD volatility more.”
“Mild bullish momentum on daily chart is fading while RSI looks to head lower. Risks skewed to the downside for now. Support at 0.6490/0.6510 levels (recent low). Resistance at 0.6630/50 levels (21, 200 DMAs), 0.6690/0.6720 levels (50, 100 DMAs).”
“Data focus this week on wage price index (Wed), labour market report (Thu).”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.