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A$ Continues Underperformance, Short-Term Bull Cycle Still Intact

AUD

Aussie underperformed again on Friday to be the weakest in the G10 for the week as the RBA’s dovish hike and concerns re China’s growth weighed on the currency. AUDUSD is down 0.2% to 0.6353 and has started Monday heading lower. It hit a low of 0.6339 during Friday’s NY morning but bounced off that. The USD index fell 0.1%.

  • Despite last week’s correction, the short-term bull cycle is intact. Initial resistance is at 0.6449, November 8 high, with key resistance at 0.6522. The bear trigger is at 0.6270.
  • AUDJPY is down 0.1% to 96.23, after a high on Friday of 96.42. AUDNZD is 0.1% lower at 1.0785 after rising to a high of 1.0808. AUDEUR fell 0.4% to 0.5947 off the low of 0.5941. AUDGBP range traded and is down 0.2% to 0.5199.
  • Equity markets were mixed with the S&P up 1.6% but the Euro stoxx down 0.8% and the FTSE -1.3%. The VIX was down to 14.2%. Oil prices rose over 2% with Brent closing at $81.70/bbl. LME metal prices fell 1.5% on Friday to be down 1.3% on the week. Iron ore continued climbing and is around $128/t.
  • Today the October CBA household spending indicator prints and the RBA’s Economics Assistant Governor Kohler speaks at 1030 AEDT.
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