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W/C Oct 17, 2022


Another Pre-Meeting Test Of The BoJ’s Will


(Z2) Trendline Resistance Remains Exposed


RBA Terminal Rate Pricing Increases, ACGBs Pressured


Bear Threat Remains Present

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AUSSIE: AUD has picked up a bid as the RBA trimmed the cash rate by "just" 25bp,
bringing it to a record low of 0.50%. Australia's central bank said that it's
prepared to ease policy further if needed, but its commentary didn't express a
sense of urgency to do so. The RBA tipped hat to a risk from the coronavirus
outbreak, expressing uncertainty about its duration. It noted that once the
epidemic is contained, domestic economy should "return to an improving trend,"
especially given targeted supportive measures pledged by the gov't.
- AUD/USD last deals at $0.6555, 19 pips higher on the day. A familiar technical
picture remains in play, with bulls focusing on a congestion of levels in the
$0.6585-86 area, as highlighted in an earlier bullet.
- AUD/NZD has bounced off lows and last trades +22 pips at NZ$1.0456.
Yesterday's high of NZ$1.0486 remains in bullish focus.
- AUD/JPY is back to unchanged & sits at Y70.81. A clean break above the 23.6%
retracement of the Dec 27 - Mar 2 slide at Y71.03 would allow bulls to target
yesterday's best levels at Y71.20.

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