AUD: AUDUSD Fell Below 67c On Friday, In Short-Term Bear Cycle

Despite stronger equities, risk sensitive currencies underperformed. AUDUSD fell 0.3% to 0.6704 after falling below 67c to make a low of 0.6692. It is currently slightly higher at around 0.6708. The USD index is down 0.3% pressured by JPY and CHF.

• AUDUSD remains in a short-term bear cycle with initial support at 0.6622. Clearance of 0.6767 is needed to highlight a bullish reversal and the bull trigger is at 0.6824.
• With the yen outperforming the G10, AUDJPY fell 1.0% to 94.41, close to the intraday low of 94.17. It is currently trading around 94.35.
• AUDNZD fell to a low of 1.0853 during the European session and then rallied to 1.0895. It finished up 0.1% to 1.0888 and is currently around 1.0883.
• AUDEUR fell 0.3% to 0.6053 after a low of 0.6036 and is trading at 0.6050. AUDGBP is down 0.3% to 0.5108 after a trough of 0.5101 and is now at 0.5107.
• Equities rallied with the S&P up 0.5% and Euro stoxx +0.6%. Oil prices were moderately stronger with WTI 0.4% higher at $69.24. LME metal prices rose 1.2% on Friday to be up 4.3% on the week. Iron ore is lower at around $93/t.
• There are no data or events in Australia today with August employment data on Thursday the highlight of the week.