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AUD: AUDUSD Clears Bull Trigger, RBA Decision Today

AUD
RegionGlobalBulletAPACForeign Exchange BulletsAustraliaMarkets

Aussie outperformed on Monday supported by continued equity strength and a recovery in commodity prices. AUDUSD rose 0.5% to 0.6838 after a high of 0.6854, breaking above the bull trigger. The USD index rose sharply on weaker European PMIs but then trended lower to be unchanged. 

  • AUDUSD breached key resistance at 0.6824, August 29 high, and has held above this level. A clear break would confirm the resumption of the bull cycle started on August 5 and open up 0.6900. Initial support is at 0.6734, 20-day EMA.
  • AUDEUR rose 0.9% to 0.6154 after a high of 0.6159. The euro was pressured by disappointing PMI prints. AUDJPY rose 0.3% to 98.20 after a peak of 98.72 earlier. AUDNZD is little changed at 1.0911. AUDGBP is 0.3% higher at 0.5123.
  • Equities were stronger with both the S&P and Euro stoxx up 0.3%. Oil prices were slightly lower with WTI down 0.4% to $70.66/bbl. Copper was up 0.1% and iron ore is around $91/t after approaching $89.
  • Today the RBA decision is announced at 1430 AEST followed by Governor Bullock’s press conference at 1530 AEST. It is unanimously forecast to leave rates at 4.35% and we don’t expect any significant change in tone (see RBA preview here).
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Aussie outperformed on Monday supported by continued equity strength and a recovery in commodity prices. AUDUSD rose 0.5% to 0.6838 after a high of 0.6854, breaking above the bull trigger. The USD index rose sharply on weaker European PMIs but then trended lower to be unchanged. 

  • AUDUSD breached key resistance at 0.6824, August 29 high, and has held above this level. A clear break would confirm the resumption of the bull cycle started on August 5 and open up 0.6900. Initial support is at 0.6734, 20-day EMA.
  • AUDEUR rose 0.9% to 0.6154 after a high of 0.6159. The euro was pressured by disappointing PMI prints. AUDJPY rose 0.3% to 98.20 after a peak of 98.72 earlier. AUDNZD is little changed at 1.0911. AUDGBP is 0.3% higher at 0.5123.
  • Equities were stronger with both the S&P and Euro stoxx up 0.3%. Oil prices were slightly lower with WTI down 0.4% to $70.66/bbl. Copper was up 0.1% and iron ore is around $91/t after approaching $89.
  • Today the RBA decision is announced at 1430 AEST followed by Governor Bullock’s press conference at 1530 AEST. It is unanimously forecast to leave rates at 4.35% and we don’t expect any significant change in tone (see RBA preview here).