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On March 22, local time, Israeli Prime Minister Benjamin Netanyahu stated in the southern city of Arad that Israel is responding to Iranian attacks, but not targeting civilians. Netanyahu indicated that Israels targets are the current Iranian regime and the Islamic Revolutionary Guard Corps (IRGC), and the Israeli military will directly strike the IRGCs leaders, as well as their infrastructure and economic assets.On March 22, He Lifeng, member of the Political Bureau of the CPC Central Committee and Vice Premier of the State Council, met with a delegation from the US-China Business Council in Beijing. He Lifeng stated that the China-US relationship is the most important bilateral relationship in the world today. He expressed hope that the US-China Business Council would continue to play its role as a bridge, promoting friendly exchanges and the steady and healthy development of China-US economic and trade relations. He also hoped that American companies would fully seize the opportunities presented by Chinas development, make good use of the potential of the Chinese market, and inject more stability and positive energy into China-US economic and trade relations.On March 22, Australian Climate Change and Energy Minister Chris Bowen announced that six fuel ships scheduled to arrive in Australia next month have had their voyages cancelled or postponed due to the Middle East conflict. In an interview with the Australian Broadcasting Corporation (ABC), Bowen stated that the six ships, originating from Malaysia, Singapore, and South Korea, were originally scheduled to arrive next month. He said that against the backdrop of the Middle East conflict, Australias fuel supply will experience "some fluctuations," and the government will "work with refiners and importers to mitigate the impact as much as possible." Bowen also stated that Australias current fuel reserves are slightly higher than pre-crisis levels, with gasoline reserves estimated at approximately 38 days and diesel and jet fuel reserves at approximately 30 days. Bowen ruled out the possibility of implementing fuel rationing measures in the short term.Israeli Prime Minister Netanyahu: Its time to get other world leaders into our war.Israeli Prime Minister Netanyahu: US President Trump wants the international community to confront the Iranian regime.

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.


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