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Underperforming, Breaks 100-Day EMA

AUD

AUD/USD prints $0.6668, trading though its 100-day EMA as the aforementioned China Covid protest stories and weak domestic data weigh.

  • The pair is down ~1.2% from Friday's closing levels and is the weakest performer in G-10 space.
  • Commodities are lower, WTI futures down 2.6% as Chinese demand fears escalate with the broader risk off tone providing pressure and Iron Ore futures are down ~3%.
  • Bears target 50-day EMA at $0.6586, a break through there would open the way to 10 Nov low at $0.6387. Bulls will need to break $0.6797 15 Nov high to continue the bullish trend.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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