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A$ Outperforms But Technicals Point To Short-Term Downtrend

AUD

Aussie outperformed the G10 on Monday. It took a step up after yesterday’s stronger USDCNY fix at below 7.10 and then trended higher over the European session supported by generally robust commodity prices and higher Euro stoxx. AUDUSD peaked at 0.6547 and is now up 0.4% to 0.6539. The USD index fell 0.2%.

  • AUDUSD maintains a softer tone with attention on 0.6478 and the bear trigger at 0.6443. Moving average studies continue to highlight a short-term downtrend. Initial resistance is at 0.6568, 50-day EMA.
  • AUDJPY is up 0.4% to 99.00, close to the intraday high of 99.09. AUDNZD has approached 1.09 reaching 1.0899 but is currently 0.2% higher at 1.0891. AUDEUR is up 0.1% to 0.6034 and AUDGBP +0.1% to 0.5174.
  • Equities were mixed with the Euro stoxx up 0.3% but the S&P down 0.3%. Oil prices were stronger again with Brent rising 1.5% to $86.68/bbl. Copper is 0.1% higher and iron ore around $108/t.
  • Today the Westpac consumer sentiment survey for March prints and RBA’s Connolly, Head of Payment Policy, appears at the AFR Banking Summit on Tuesday at 1320 AEDT.
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