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A$ Remains Supported, Technicals Indicate Bear Cycle

AUD

AUDUSD trended higher over Monday following the US debt deal but moved sideways over the European/US session with the US and UK closed for holidays. It outperformed the G10 on better risk sentiment and is currently trading around 0.6539, off the intraday high of 0.6554. The USD index was slightly higher.

  • Last week the AUDUSD confirmed the resumption of the bear cycle. The focus is now on 0.6403, the Fibonacci retracement. A break of 0.6818, the May 10 high, is needed to reinstate a bullish theme.
  • AUDNZD is 0.3% higher and has breached 1.08 and is currently trading around that level, as further RBNZ tightening expectations disappear. AUDJPY is up 0.2% and at 91.81, down from Monday’s intraday high of 92.01. Aussie is up 0.5% against the euro to 0.6105 and +0.2% versus the pound to 0.5292.
  • European equities were lower overnight with the Eurostoxx down 0.4% and the DAX -0.2%. The S&P e-mini rose 0.3%. Oil was higher in thin trading with WTI up 0.5% to $73.04/bbl. Copper fell 0.3% and iron ore is higher at $102/t.
  • Today building approvals for April print and are expected to rise 2% m/m.
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