EUR/USD 1.16238
-0.144%
Gold 4272.39
-1.927%
Oil 56.982
0.141%
USD/JPY 151.472
0.478%
GBP/USD 1.33848
-0.139%
GBP/JPY 202.747
0.345%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
On October 21st, the Globe and Mail reported, citing sources familiar with the matter, that a trade agreement covering steel, aluminum, and energy may be presented to Canadian Prime Minister Mark Carney and US President Donald Trump for signing later this month during the Asia-Pacific Economic Cooperation (APEC) summit. A deal would provide a reprieve for Canadas metals industry, which has long been under pressure from US tariffs and has been among the hardest hit. Any trade easing would ease pressure on Carney, who campaigned on a promise to manage the Canadian economy amid rising US protectionism. However, a series of negotiations with Trump this summer failed to reach a deal. However, sources familiar with the matter said the US is not currently prepared to reach any agreement on autos and cork, two of Canadas most important exports to the US. Two sources said significant progress was made in steel and aluminum negotiations in Washington over the past two weeks, but declined to provide specific details. On the steel front, Canada may have to accept quota restrictions in exchange for tariff reductions. The US needs Canadian aluminum, while Ottawa opposes any tariffs or quotas.The onshore RMB closed at 7.1171 against the US dollar at 16:30 on October 21, up 60 points from the previous trading day.South Koreas presidential office: Working-level talks are underway with Japan to hold a summit at the APEC meeting.The U.S.-Canada trade deal may be ready for approval at the APEC summit.Japanese Finance Minister Katayama Satsuki: It is not unreasonable to promote the 2025 version of "Abenomics".

AUD/USD However, 0.6700 is the key to the upside

Daniel Rogers

Apr 11, 2023 14:41

AUD:USD.png 

 

In the early hours of Tuesday morning in Asia, the AUD/USD receives bids near 0.6650 to recover recent losses. In doing so, the Aussie pair recovers from the lowest levels in two weeks while reversing course from the horizontal support that has been in place for 12 days around 0.6620.

 

Nonetheless, imminent bearish MACD signals and a stable RSI indicate that the AUD/USD pair will continue to decline.

 

The convergence of the 10-day moving average and the support-turned-resistance line from March 10, close to the round number 0.6700, may also threaten the most recent price recovery.

 

Even if the AUD/USD bulls are able to surpass 0.6700, the 50% Fibonacci retracement level of the pair's February-March decline, located around 0.6805, will serve as the final line of defense for the bears.

 

Alternately, a break below 0.6620 could initiate a new decline aiming for the Year-to-Date (YTD) low established in February around 0.6565.

 

Notably, the AUD/USD pair's decline beyond 0.6565 confronts multiple obstacles to the south, including the highs for October 2022 near 0.6545 and 0.6520.

 

After that, a decline to the November 2022 low of approximately 0.6275 cannot be ruled out.

 

Regardless of the recent corrective rally, the AUD/USD remains on the radar of skeptics.


Suggestion