Trial now
GOLD TECHS

Bullish Price Sequence

WTI TECHS

(M1) Needle Still Points North

BRENT TECHS

(N1) Price Structure Remains Bullish

USDCAD TECHS

Bearish Focus

AUDUSD TECHS

Corrective Pullback

EURJPY TECHS

Needle Still Points North

0.77 Handle Reclaimed As USD Dips

AUD

Spot AUD/USD is back above the 0.77 handle, the pair last trades at 0.7702. After dropping in the European morning AUD/USD recovered to touch 0.7715 as the greenback endured a second day of losses and risk assets were supported.

  • Earlier in the session ANZ released weekly consumer confidence figures. The headline index dropped to 111.4 from 112.1, the sub-components of the index were also mostly weak.
  • AUDUSD recovered Friday and closed at session highs. Friday's price action is being monitored as a possible reversal signal with initial resistance at 0.7704, topped to open 0.7782/0.7820, the bull trigger. For now, S/T conditions remain bearish though and scope is seen for a pullback as part of a corrective cycle with momentum studies trending down and unwinding a recent overbought reading. A break of 0.7564, Feb 2 low would resume the downtrend open 0.7517, Dec 22 low.
  • Participants look ahead to the NAB business survey at 0030GMT/1130AEDT. Volumes are expected to be thin in the timezone as the LNY period approaches.