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Narrow Ranges To Start Wednesdays Dealing

FOREX

Narrow ranges have been observed in early dealing on Wednesday across G-10 FX, there has been little follow through on moves thus far.

  • AUD/USD sits on support at $0.6454, the low from Aug 14 and bear trigger as of yet the pair has not been able to break through support this week. A break through current levels opens $0.6403, 76.4% retracement of the Oct 22 to Feb 23 bull leg. Resistance is at $0.6534, high from Nov 11.
  • Kiwi is little changed from opening levels, overnight implied volatility is elevated ahead of today's RBNZ rate decision however ranges are narrow thus far.
  • Yen is also flat in a muted start to today's session. An uptrend remains intact after yesterday's fresh cycle high. Resistance comes in at ¥145.87, yesterdays high, and ¥146.38, 1.764 projection of Jul 14-21-28 price swing.
  • Cross asset wise; BBDXY and e-minis are unchanged from opening levels. US Tsys Yields are also flat.
  • The aforementioned RBNZ monetary policy decision headlines in Asia-Pac, no change to policy is expected.

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