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A$ Continues To Underperform, Tests 64c

AUD

Aussie underperformed the G10 for a second straight day as the RBA’s dovish hike continued to weigh on the currency. AUDUSD fell to an intraday low of 0.6397 but found support at 64c and is now at 0.6402, down 0.5%. The high of the week, on Monday, was 0.6523. The USD index was flat.

  • Despite the fall in recent days, AUDUSD remains in a bull cycle, as it broke through the 50-day EMA. But a break of key resistance at 0.6522 is needed to strengthen bullish conditions. Initial support is at 0.6393, 20-day EMA.
  • Aussie is down 0.1% against the yen to 96.68 and also versus kiwi to 1.0829, close to the intraday low of 1.0828. AUDEUR is 0.6% lower at 0.5978 having fallen through 0.6000 late in the European session. AUDGBP fell 0.4% to 0.5211.
  • Equity markets were mixed with the S&P up 0.1%, the Euro stoxx +0.6% but the FTSE down 0.1%. Brent crude fell another 2.2% on Wednesday to $79.83/bbl. Copper fell 1.1% and iron ore is stronger at around $125/t.
  • There are no data or events in Australia today. China’s October CPI is likely to be the focus in the region today.

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