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AUD: A$ Outperforms But Remains Below Initial Resistance

AUD
RegionGlobalBulletAPACForeign Exchange BulletsAustraliaMarkets

Stronger risk appetite helped Aussie and kiwi outperform the G10 as the US dollar weakened on growing expectations of a 50bp Fed rate cut on Wednesday (USD BBDXY index -0.3%). AUDUSD rose 0.7% to 0.6752, close to the intraday high. It is trading around that level now.

  • AUDUSD continues to trade below initial resistance at 0.6767, while the bull trigger is at 0.6824. Clearance of this level would resume the bull cycle that started August 5. Initial support is at 0.6678.
  • The yen underperformed most of the G10 and so AUDJPY rose 0.6% to 94.95, unwinding some of Friday’s drop. It is currently trading slightly higher.
  • AUDNZD range traded and is around 1.0890. AUDEUR is up 0.2% to 0.6065 and AUDGBP slightly higher at 0.5109.
  • Equities were mixed with the S&P up 0.1% and FTSE +0.1% but Euro stoxx down 0.3%. Oil prices rose sharply with WTI up 2.7% to $70.50/bbl. Copper is up 0.7% and iron ore is slightly higher at around $92.50/t.
  • There are no data or events in Australia today. 
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Stronger risk appetite helped Aussie and kiwi outperform the G10 as the US dollar weakened on growing expectations of a 50bp Fed rate cut on Wednesday (USD BBDXY index -0.3%). AUDUSD rose 0.7% to 0.6752, close to the intraday high. It is trading around that level now.

  • AUDUSD continues to trade below initial resistance at 0.6767, while the bull trigger is at 0.6824. Clearance of this level would resume the bull cycle that started August 5. Initial support is at 0.6678.
  • The yen underperformed most of the G10 and so AUDJPY rose 0.6% to 94.95, unwinding some of Friday’s drop. It is currently trading slightly higher.
  • AUDNZD range traded and is around 1.0890. AUDEUR is up 0.2% to 0.6065 and AUDGBP slightly higher at 0.5109.
  • Equities were mixed with the S&P up 0.1% and FTSE +0.1% but Euro stoxx down 0.3%. Oil prices rose sharply with WTI up 2.7% to $70.50/bbl. Copper is up 0.7% and iron ore is slightly higher at around $92.50/t.
  • There are no data or events in Australia today.