FXstreet.com (San Francisco) - Broad U.S. dollar buying interest is weighing on AUD/USD this morning in Asia, as risk aversion encourages the pair to drop to session lows below the 1.0350 level.
There is no apparent news that explains this boost to USD, except that the massive “Frankenstorm” is approaching the American East Coast, which may be fueling demand for safe-haven assets.
Valeria Bednarik, Chief Analyst at FXstreet.com said in an earlier research note that AUD/USD looks short-term heavy, says that “the pair will trade on sentiment with some trigger stops above 1.0410 and more below 1.0300.” Hourly support is noted at 1.0338 (100-EMA), with further support seen at 1.0292 (Oct 11 high). Upside rallies may find resistance at 1.0365 (Sep 20 low) and 1.0410 (Oct 18 high).
AUD/USD exchanges 1.0345, 15 minutes before markets open in Tokyo and Sydney.
There is no apparent news that explains this boost to USD, except that the massive “Frankenstorm” is approaching the American East Coast, which may be fueling demand for safe-haven assets.
Valeria Bednarik, Chief Analyst at FXstreet.com said in an earlier research note that AUD/USD looks short-term heavy, says that “the pair will trade on sentiment with some trigger stops above 1.0410 and more below 1.0300.” Hourly support is noted at 1.0338 (100-EMA), with further support seen at 1.0292 (Oct 11 high). Upside rallies may find resistance at 1.0365 (Sep 20 low) and 1.0410 (Oct 18 high).
AUD/USD exchanges 1.0345, 15 minutes before markets open in Tokyo and Sydney.
