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JGB TECHS

(Z1) Bearish Trend Condition

AUSSIE 10-YEAR TECHS

(Z1) Bearish Price Sequence

AUSSIE 3-YEAR TECHS

(Z1) Off Recent Highs

US 10YR FUTURE TECHS

(Z1)‌‌ Support Appears Exposed

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  • Despite the greenback recovering losses throughout US hours, AUD (+0.40%) and NZD (0.53%) have held onto the majority of overnight gains. These strong performances were inspired by marginally hawkish central bank rhetoric.
  • The RBNZ released a statement outlining their intention to step up efforts to reign the roaring housing market by tightening mortgage lending standards. The RBA then defied market consensus and chose to stick with its tapering plan, despite the ongoing resurgence of Covid-19 in Australia.
  • NOK had been the strongest currency in G10 heading into the start of US trade. However, a sharp move lower in crude futures prompted a reversal from these elevated levels, with both EURNOK and USDNOK reverting to unchanged on the week.
  • Echoing this move in oil, USDCAD found fresh impetus, extending on gains above the 1.25 handle to reach 1.2552 as of writing. On the topside, initial resistance is at 1.2607, Jul 23 high. A break of this level would signal the resumption of bullish activity.
  • Elsewhere, activity was limited in the currency space. USDJPY briefly traded below 109 to fresh lows of 108.88 before bouncing back above the figure, where volatility subsided. Attention is on 108.47, a Fibonacci retracement as a technically bearish focus continues to dominate the outlook.
  • Kiwi Unemployment will kick off Wednesday's APAC session, shortly followed by Aussie Retail Sales. The US docket will include ADP employment change followed by ISM Services PMI.