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AUD: AUDUSD Reaches Initial Resistance, Bearish Theme Undermined

AUD
RegionGlobalBulletAPACForeign Exchange BulletsAustraliaMarkets

While Aussie outperformed, AUDUSD traded in a narrow range ahead of today’s Fed decision and faced some downward pressure late in the day from softer US equities. The pair rose 0.1% to 0.6756 after a high of 0.6769 during the European session. It did fall to around 0.6748 following stronger-than expected headline US retail sales and IP data. It is currently at 0.6759. The USD index is up 0.2%. 

  • Tuesday’s high in AUDUSD was in line with initial resistance at 0.6769, but the pair was unable to break through. Recent gains have undermined the bearish theme. The bull trigger is at 0.6824. Initial support is at 0.6680, 50-day EMA.
  • With the yen underperforming the G10, AUDJPY rose 1.3% to 96.22, close to the intraday high. It is currently around 96.16.
  • AUDNZD confidently broke above 1.09 during the European afternoon. The pair rose 0.3% to 1.0924, close to the intraday high of 1.0928. It is currently trading around 1.0925.
  • AUDEUR is up 0.2% to 0.6079 after a high of 0.6082. AUDGBP is 0.5% higher at 0.5133.
  • Equities were generally stronger with the S&P slightly higher and Euro stoxx +0.7%. Oil continues to rise with WTI up 1.5% to $71.13/bbl. Copper is up 0.3% and iron ore is approaching $93/t.
  • Today RBA Assistant Governor (Financial System) Jones speaks at 0920 AEST at the Intersekt Festival. The Westpac leading index for August is released.  
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While Aussie outperformed, AUDUSD traded in a narrow range ahead of today’s Fed decision and faced some downward pressure late in the day from softer US equities. The pair rose 0.1% to 0.6756 after a high of 0.6769 during the European session. It did fall to around 0.6748 following stronger-than expected headline US retail sales and IP data. It is currently at 0.6759. The USD index is up 0.2%. 

  • Tuesday’s high in AUDUSD was in line with initial resistance at 0.6769, but the pair was unable to break through. Recent gains have undermined the bearish theme. The bull trigger is at 0.6824. Initial support is at 0.6680, 50-day EMA.
  • With the yen underperforming the G10, AUDJPY rose 1.3% to 96.22, close to the intraday high. It is currently around 96.16.
  • AUDNZD confidently broke above 1.09 during the European afternoon. The pair rose 0.3% to 1.0924, close to the intraday high of 1.0928. It is currently trading around 1.0925.
  • AUDEUR is up 0.2% to 0.6079 after a high of 0.6082. AUDGBP is 0.5% higher at 0.5133.
  • Equities were generally stronger with the S&P slightly higher and Euro stoxx +0.7%. Oil continues to rise with WTI up 1.5% to $71.13/bbl. Copper is up 0.3% and iron ore is approaching $93/t.
  • Today RBA Assistant Governor (Financial System) Jones speaks at 0920 AEST at the Intersekt Festival. The Westpac leading index for August is released.