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A$ Approaches 67c As Equity Sell Off Continues

AUD

AUDUSD approached 67c during European/NY trading driven by continued weak equity sentiment. It is stronger though following the FOMC minutes which saw US yields make session lows although easing had not been discussed at the meeting. The pair is currently down 0.5% to 0.6730. The USD index is up a further 0.3% following Tuesday’s 0.9% rise.

  • The 1.3% drop in AUDUSD so far in 2024 is seen as corrective as the trend remains bullish. It broke below the 20-day EMA of 0.6714 to reach a low of 0.6702 on Wednesday. Initial resistance is at 0.6871, December 28 high, with key resistance at 0.6900.
  • AUDNZD traded below 1.08 through most of Wednesday to be now down 0.4% to 1.0775, close to the intraday low. AUDJPY though is 0.4% higher at 96.40 after a high of 96.60. AUDEUR is down 0.3% to 0.6162 and AUDGBP -0.9% to 0.5313 after a low of 0.5306.
  • Equity markets continued their 2024 sell off with the S&P down 0.8% and the Euro stoxx -1.4%. Oil prices jumped around 3.5% with Brent now around $78.46/bbl. Copper is 0.3% lower and iron ore is around $142/t.
  • Today the final Judo Bank services/composite PMIs for December print.
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