Australian Dollar (AUD) rebounded 4% from its lows overnight after Trump pauses tariffs on most nations for 90 days. Pair was last at 0.6170 levels, OCBC's FX analysts Frances Cheung and Christopher Wong note.
Bearish momentum on daily chart wanes
"Regional equities traded sharply higher. Taiwan was up >9% while KOSPI, STI and Nikkei were up more than 5%. This morning, AUD drifted higher slightly on news that China leaders will meet to discuss stimulus after Trump’s tariff shock. "
"Bearish momentum on daily chart waned while RSI rose from near oversold conditions. Resistance here at 0.6160 levels (23.6% fibo retracement of Oct high to Apr low), 0.6250/80 levels (21, 50 DMAs) and 0.6310 (38.2% fibo). Support at 0.60, 0.5915 (recent low)."
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