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AUD: A$ Softer Following Weekend US Tariff News, Retail Sales Coming Up

AUD
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AUDUSD continues to fall following the US confirmation of tariffs on Canada, Mexico and China from Tuesday. The pair is down 1.2% to 0.6142 after a trough of 0.6138, the lowest since mid-January, after being the only G10 currency to rise against the greenback on Friday. The USD index has jumped 0.9%.

  • AUDUSD fell to a low of 0.6131 on January 12, which was the lowest since the Covid-impacted March 2020.
  • Initial support levels at 0.6199 and 0.6165 have been broken opening up 0.6131, the bear trigger. The medium-term AUDUSD trend remains bearish and it continues to trade below its 50-day EMA of 0.6314, this also makes initial resistance.
  • The yen underperformed on Friday but is stronger today leaving AUDJPY down 1% to 95.47. AUDNZD is range trading and is 0.1% higher at 1.1026. AUDEUR rose to 0.6067 earlier but is now trending lower and is around 0.5996. AUDGBP is down 0.3% to 0.4997.
  • Markets are reacting to the tariff news with the ASX is down 2.0% and the NZX -1.4%, other markets are still closed. Oil has jumped with WTI up 2.1% to $74.05/bbl. Copper is down 1.5% and iron ore has fallen below $104/t.
  • Today December /Q4 retail sales, January MI inflation gauge and December building approvals print. Q4 sales volumes are forecast to rise 0.8% q/q, which would be the second consecutive quarterly increase.
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AUDUSD continues to fall following the US confirmation of tariffs on Canada, Mexico and China from Tuesday. The pair is down 1.2% to 0.6142 after a trough of 0.6138, the lowest since mid-January, after being the only G10 currency to rise against the greenback on Friday. The USD index has jumped 0.9%.

  • AUDUSD fell to a low of 0.6131 on January 12, which was the lowest since the Covid-impacted March 2020.
  • Initial support levels at 0.6199 and 0.6165 have been broken opening up 0.6131, the bear trigger. The medium-term AUDUSD trend remains bearish and it continues to trade below its 50-day EMA of 0.6314, this also makes initial resistance.
  • The yen underperformed on Friday but is stronger today leaving AUDJPY down 1% to 95.47. AUDNZD is range trading and is 0.1% higher at 1.1026. AUDEUR rose to 0.6067 earlier but is now trending lower and is around 0.5996. AUDGBP is down 0.3% to 0.4997.
  • Markets are reacting to the tariff news with the ASX is down 2.0% and the NZX -1.4%, other markets are still closed. Oil has jumped with WTI up 2.1% to $74.05/bbl. Copper is down 1.5% and iron ore has fallen below $104/t.
  • Today December /Q4 retail sales, January MI inflation gauge and December building approvals print. Q4 sales volumes are forecast to rise 0.8% q/q, which would be the second consecutive quarterly increase.