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Antipodeans Print Session Lows Amid Renewed USD Bid, Equity Weakness

FOREX
  • Higher core yields and lower equities have renewed the bid for the greenback and risk sensitive Aussie and Kiwi are feeling the pinch. Both are now extending session lows as of writing.
  • For AUDUSD, the broader uptrend remains intact for now, and the recent move lower highlights a correction that is allowing a recent overbought trend condition to unwind.
  • Attention is on 0.6812, the Feb 17 low, and then 0.6781, the 38.2% retracement of the Oct 13 - Feb 2 uptrend.
  • For NZDUSD, the focus is on 0.6191. A breach of this level would place the pair at the lowest level since late November last year.
  • Event risk overnight commences with Australian Wage Price Index data before the RBNZ decision. The full MNI preview can be found here: https://roar-assets-auto.rbl.ms/files/51425/MNI%20RBNZ%20Preview%20February%202023.pdf

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