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AUD: Recent Bear Cycle Corrective

AUD

AUDUSD range traded on Tuesday and struggled in trading that favoured risk adverse currencies and sold commodities. The pair fell to a low of 0.6641 before finding some support from rallying US equities and closed down 0.1% to 0.6652. It is currently around 0.6656. The USD index is up 0.1%. 

  • The recent bear cycle in AUDUSD is still considered corrective. It briefly broke through initial support at 0.6643 but the move wasn’t sustained. Initial resistance is at 0.6767, while the bull trigger is at 0.6824.
  • AUDJPY is down 0.6% to 94.77, close to the intraday low of 94.51. It is currently around 94.70. AUDNZD is down 0.2% to 1.0817 after approaching 1.08 earlier. AUDEUR was flat at 0.6037 and AUDGBP down 0.2% to 0.5086.
  • Equities were mixed with the S&P up 0.5% but Euro stoxx down 0.7%. Oil prices fell sharply with Brent down 3% to $69.71/bbl. Copper is 1% lower and iron ore is down to around $90/t.
  • The RBA’s Assistant Governor Hunter speaks today at 1020 AEST on “Understanding the Journey to Full Employment”. 
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