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AUD: A$ Underperforms & AUDUSD Falls Below 65c Briefly

AUD
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After rising to a high of 0.6550 during the APAC session AUDUSD trended lower through the rest of Monday to be little changed on the day at 0.6503. It fell below 65c to make a low of 0.6487. Aussie was one of the underperformers in the G10 along with other commodity currencies. The pullback in the US dollar (USD index -0.5%) following the appointment of the more gradualist Bessent as Treasury Secretary benefited the more risk-averse currencies.  

  • The AUDUSD bear cycle remains in play as it continues to trade below the November 6 low of 0.6513.Initial support is at 0.6441, November 14 low. Initial resistance is at 0.6554, 20-day EMA.
  • With the euro one of the strongest G10 currencies, AUDEUR fell 0.7% to 0.6195. AUDGBP is 0.3% lower at 0.5173. AUDJPY is down 0.4% to 100.26 and AUDNZD -0.2% to 1.1122 even though the rate differential is expected to widen this week with the RBNZ forecast to cut rates another 50bp.
  • Equities were stronger with the S&P up 0.2% and Euro stoxx +0.2%. Oil prices fell sharply with Brent down 2.7% to $73.14/bbl. Copper was 0.6% higher though and iron ore is approaching $103/t.
  • There are no data or events in Australia today. 
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After rising to a high of 0.6550 during the APAC session AUDUSD trended lower through the rest of Monday to be little changed on the day at 0.6503. It fell below 65c to make a low of 0.6487. Aussie was one of the underperformers in the G10 along with other commodity currencies. The pullback in the US dollar (USD index -0.5%) following the appointment of the more gradualist Bessent as Treasury Secretary benefited the more risk-averse currencies.  

  • The AUDUSD bear cycle remains in play as it continues to trade below the November 6 low of 0.6513.Initial support is at 0.6441, November 14 low. Initial resistance is at 0.6554, 20-day EMA.
  • With the euro one of the strongest G10 currencies, AUDEUR fell 0.7% to 0.6195. AUDGBP is 0.3% lower at 0.5173. AUDJPY is down 0.4% to 100.26 and AUDNZD -0.2% to 1.1122 even though the rate differential is expected to widen this week with the RBNZ forecast to cut rates another 50bp.
  • Equities were stronger with the S&P up 0.2% and Euro stoxx +0.2%. Oil prices fell sharply with Brent down 2.7% to $73.14/bbl. Copper was 0.6% higher though and iron ore is approaching $103/t.
  • There are no data or events in Australia today.