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AUD: A$ Marginally Higher, But Bear Tech Cycle Still In Play, Metals Off Again

AUD
RegionGlobalBulletAPACForeign Exchange BulletsAustraliaMarkets

AUD/USD managed a 0.15% gain for Thursday's session, but not without a sharp dip to 0.6540 during US trade. The pair tracks near 0.6580 in early Friday dealings, keeping us within recent ranges. 

  • The global equity tone was risk off through Thursday trade, with earnings concerns a drag. The SPX lost 1.86%, while the VIX rose above 23%. AUD/JPY fell to 99.54, before recovering some ground, the pair last near 100.00, still sub its 20-day EMA. Yen was also aided by some hawkish BoJ rhetoric.
  • US yields finished marginally lower amid mixed data and uncertainty around tonight's NFP print. In the commodity space, we were 0.80% lower for the aggregate Bloomberg index, while metals fell 0.48%, the fifth straight fall. Iron ore is back sub $103/ton.
  • For AUD/USD technicals, a bear cycle remains in play. Recent lows are at 0.6537, while 0.6508 is the low from Aug 8. Initial firm resistance to watch is 0.6622, the Sep 11 low.
  • Today on the data front we have Oct PMI revisions, along with Sep household spending, PPI and housing loans. None of the data releases should shift the sentiment dial greatly. We have the RBA next week, but a steady outcome is expected.
  • Earlier data showed core logic house prices up 0.2%m/n for capital cities, but Sydney and Melbourne saw falls. 
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AUD/USD managed a 0.15% gain for Thursday's session, but not without a sharp dip to 0.6540 during US trade. The pair tracks near 0.6580 in early Friday dealings, keeping us within recent ranges. 

  • The global equity tone was risk off through Thursday trade, with earnings concerns a drag. The SPX lost 1.86%, while the VIX rose above 23%. AUD/JPY fell to 99.54, before recovering some ground, the pair last near 100.00, still sub its 20-day EMA. Yen was also aided by some hawkish BoJ rhetoric.
  • US yields finished marginally lower amid mixed data and uncertainty around tonight's NFP print. In the commodity space, we were 0.80% lower for the aggregate Bloomberg index, while metals fell 0.48%, the fifth straight fall. Iron ore is back sub $103/ton.
  • For AUD/USD technicals, a bear cycle remains in play. Recent lows are at 0.6537, while 0.6508 is the low from Aug 8. Initial firm resistance to watch is 0.6622, the Sep 11 low.
  • Today on the data front we have Oct PMI revisions, along with Sep household spending, PPI and housing loans. None of the data releases should shift the sentiment dial greatly. We have the RBA next week, but a steady outcome is expected.
  • Earlier data showed core logic house prices up 0.2%m/n for capital cities, but Sydney and Melbourne saw falls.