Aussie Higher after Elections, Dollar Weakens Broadly
Action Insight Daily Report 5-23-22

Aussie Higher after Elections, Dollar Weakens Broadly

Overall market sentiment is mixed in Asian session today, with recover seen in Nikkei but selloff in Hong Kong and China. Aussie is extending near term rebound, following Labor's win in the federal elections over the weekend. Kiwi is also firmer ahead of RBNZ rate hike. On the other hand, Dollar and Canadian are the softer ones. European majors and Yen are mixed for now.

Technically, as Gold's recovery extends too, attention is on 1858.57 minor resistance. Firm break there will confirm short term bottoming at 1786.65. Stronger rebound would be seen back to channel resistance at around 19333. Such development could be accompanied by deeper pull back in Dollar, in particular against commodity currencies.

In Asia, at the time of writing, Nikkei is up 0.56%. Hong Kong HSI is down -1.95%. China Shanghai SSE is down -0.51%. Singapore Strait Times is down -0.47%. Japan 10-year JGB yield is down -0.0049 at 0.235.

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AUD/USD Daily Report

Daily Pivots: (S1) 0.6976; (P) 0.7024; (R1) 0.7097; More...

Intraday bias in AUD/USD remains on the upside at this point. Rebound from 0.6828 short term bottom is on track to 55 day EMA (now at 0.7183). Break there will target 0.7265 resistance next. On the downside, though, break of 0.6948 will resume larger fall from 0.8006 through 0.6828 low, and target 0.6756/60 medium term fibonacci level next.

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EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD

EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY

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