Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: AUD/USD stabilizes after sharp Friday drop on tariff fears

• AUD/USD regained some ground  on Monday  as investors digested the latest   salvoes in the U.S.-China trade war were more symbolic than substantive.

• Australian dollar had crumbled on Friday when U.S. President Donald Trump threatened to slap 100% tariffs on China by November 1 .

•Despite the tariff rhetoric, Trump’s softer stance on China over the weekend gave analysts confidence that the move was tactical and that a middle ground might be reached.

• Currencies from Australia and New Zealand, backed by commodity-driven economies, typically serve as risk hedges when global markets face turbulence.

• Looking ahead, traders await the RBA’s September meeting minutes on Tuesday and Australia’s September employment report on Thursday..

• Immediate resistance is located at 0.6546(38.2%fib), any close above will push the pair towards 0.6587(SMA 20).

• Support is seen at 0.6474(61.8%fib) and break below could take the pair towards 0.6415 (Aug 22nd low).

 Recommendation: Good to buy around 0.6540, with stop loss of 0.6600 and target price of 0.6480

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.