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Still Heavy On ANZAC Day

AUD

The Aussie dollar has slipped in early trade, with local financial markets shut in observance of a public holiday. Following a break below its 50-DMA on Friday, AUD/USD has shed 9 pips this morning and last deals at $0.7235.

  • Should the pair descend past Mar 16 low of $0.7181, bears could set their sights on key support from Mar 15 low of $0.7165. Bulls look for a rally above $0.7458, which capped gains on both Apr 20 & Apr 21.
  • It is no holiday for Australian political leaders who are busy with campaigning ahead of the upcoming federal election. PM Morrison brushed away suggestions that Australians will need to tighten their belts under the next administration and labelled his lower tax pledge "an iron clad guarantee".
  • The main point of note on the local docket this week is quarterly CPI report, due for release on Wednesday.
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