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AUD: Extends Underperformance, AUD/JPY in Focus

AUD
  • AUD/USD's underperformance extended across Asia-Pac hours and is extending here into the NY crossover. Pair has cracked the 50-dma support at 0.6670 after the level held well on pullbacks on a handful of occasions across June. This marks the first meaningful break of the level since early April - and accelerated the leg lower from 0.65 to the YTD low of 0.6363. 
  • The pullback is most notable in AUD/JPY, the cross is now near 5% off the pre-intervention cycle high at 109.37 - exposing 103.58 (50% retracement for the upleg off the April low) and key support of 102.61.
  • Notably, Friday's CFTC data showed the AUD net position swinging to a net long, hitting the highest level since March'21 in outright terms and marking a significant turnaround from the acute net short earlier this year. This may make AUD a decent candidate for a correction lower after momentum-driven strength and potentially a soft target for sellers. Lastly, the RSI flashed overbought on July 12th, which may have triggered a corrective pullback after that leg higher in first week of this month. 
RegionGlobalBulletAPACForeign Exchange BulletsAustralia
RegionGlobalBulletAPACForeign Exchange BulletsAustralia

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