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AUD: A$ Underperforms, AUDUSD In Downtrend

AUD
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The US dollar fell sharply with the USD BBDXY down 0.7%. All G10 currencies were stronger against the greenback but the Aussie posted one of the lowest gains pressured by softer risk appetite. AUDUSD rose 0.4% to 0.6497 and only touched 65c to make a high of 0.6501. 

  • AUDUSD’s bearish theme is intact and there continues to be a sequence of lower lows and lower highs. Moving average studies are highlighting a dominant downtrend. Initial support is at 0.6434, November 26 low, while resistance is 0.6542, 20-day EMA.
  • The yen outperformed again helped by US dollar weakness and BoJ hiking expectations. As a result AUDJPY is down 0.9% to 98.23 after a low of 97.72, the lowest since mid-September.
  • Kiwi was also an outperformer as the RBNZ had less easing in its OCR profile than the market had priced in. AUDNZD fell 0.7% to 1.1023 after a low of 1.0993 but moves below 1.10 were brief.
  • AUDEUR is 0.4% lower at 0.6150 after falling to 0.6133. AUDGBP is down 0.5% to 0.5124.
  • Equities were generally lower with the S&P down 0.4% and Euro stoxx -0.6% but the FTSE rose 0.2%. Oil prices were little changed with Brent +0.2% to $72.92/bbl. Copper is up 0.6% and iron ore is higher at around $104/t.
  • Q3 private capex is released and forecast to rise 1% q/q after contracting 2.2% in Q2. RBA Governor Bullock speaks at the CEDA conference at 1955 AEDT. 
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The US dollar fell sharply with the USD BBDXY down 0.7%. All G10 currencies were stronger against the greenback but the Aussie posted one of the lowest gains pressured by softer risk appetite. AUDUSD rose 0.4% to 0.6497 and only touched 65c to make a high of 0.6501. 

  • AUDUSD’s bearish theme is intact and there continues to be a sequence of lower lows and lower highs. Moving average studies are highlighting a dominant downtrend. Initial support is at 0.6434, November 26 low, while resistance is 0.6542, 20-day EMA.
  • The yen outperformed again helped by US dollar weakness and BoJ hiking expectations. As a result AUDJPY is down 0.9% to 98.23 after a low of 97.72, the lowest since mid-September.
  • Kiwi was also an outperformer as the RBNZ had less easing in its OCR profile than the market had priced in. AUDNZD fell 0.7% to 1.1023 after a low of 1.0993 but moves below 1.10 were brief.
  • AUDEUR is 0.4% lower at 0.6150 after falling to 0.6133. AUDGBP is down 0.5% to 0.5124.
  • Equities were generally lower with the S&P down 0.4% and Euro stoxx -0.6% but the FTSE rose 0.2%. Oil prices were little changed with Brent +0.2% to $72.92/bbl. Copper is up 0.6% and iron ore is higher at around $104/t.
  • Q3 private capex is released and forecast to rise 1% q/q after contracting 2.2% in Q2. RBA Governor Bullock speaks at the CEDA conference at 1955 AEDT.