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AUD and NZD Close Near The Lows, EURNOK Extends Bounce

FOREX
  • Supportive greenback price action saw AUDUSD (-1.34%) and NZDUSD (-1.11%) continue their slump to the worst levels in two weeks.
  • Price action in AUD largely a reflection of the broadly dovish central bank overnight, exacerbated by the consistent grind higher in the dollar index (+0.21%) ahead of tomorrow's fed decision.
  • With US equity indices continuing to probe record highs and broad technical conditions for AUDUSD remaining bullish, we note firm support is still seen at 0.7393, the 50-day EMA. AUDJPY has fallen an even more dramatic 1.42% and worth noting pivot support residing at 84.26, the late June and July highs.
  • The Norwegian Krone extended a correction on Tuesday after a relentless rally against the euro, with this week's Norges Bank meeting likely to have minimal effect. EURNOK surged through last week's highs at 9.80, rising around 1.11% for the session. The April lows reflect the first level of pivotal resistance for the pair, residing around 9.90.
  • USDCHF also gained a solid 0.58% after bouncing from trendline support across the 2021 lows at 0.9090.
  • EURGBP continued its relief rally, spending the majority of the day back above the 0.85 handle.
  • In emerging markets, USDILS reversed early weakness after falling to its lowest level since 1996.
  • US ADP employment change and ISM Services PMI are scheduled for Wednesday, however, all eyes will be on the November FOMC decision. New Zealand employment data will kick-off the APAC session.
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