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A$ Softer On Friday But Bull Cycle Intact

AUD

Higher yields drove a stronger US dollar with the USD index up 0.2%. The S&P sell off later in the session also weighed on Aussie with AUDUSD down 0.5% to 0.6765 after an intraday low of 0.6752. The pair is currently slightly higher at around 0.6771.

  • Despite the fall in AUDUSD on Friday the bull cycle remains intact. In the European session, the pair rose to a high of 0.6816, above the bull trigger at 0.6799. A sustained break above this level would strengthen the bullish theme and open 0.6871. Initial resistance is at 0.6824 and support at 0.6700, 20-day EMA.
  • Kiwi outperformed most of the G10 on Friday and so AUDNZD is down 0.3% to 1.0830 after a high of 1.0881 at the start of the European session. Yen underperformed and now AUDJPY is up 0.6% to 99.14. AUDEUR is down 0.1% to 0.6129, off the low of 0.6112, and AUDGBP is 0.1% lower at 0.5156.
  • Equities were mixed with the S&P up 1.0% but Euro stoxx down 0.2% and the FTSE flat. Oil prices fell sharply with Brent down 2.3% to $77.05/bbl. LME metal prices fell 0.1% on Friday to be down 1.5% on the week. Iron ore is $100-101/t.
  • Today Q2 company profits & inventories, Melbourne Institute August inflation gauge, ANZ-Indeed August job ads and July building approvals print.
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