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Bull Mode Intact


Bearish Threat Still Present


(Z1) Bulls Still In Control


(Z1) Consolidation Mode

AUSSIE: AUD/USD advanced 27 pips Tuesday, buoyed by a combination of domestic
data, positive risk sentiment & comments from Fed Chair Powell. Locally, better
than expected housing finance figures inspired appetite for AUD. Meanwhile, the
broader risk backdrop improved as participants focused on the positives in
China's daily update on coronavirus statistics. Finally, in U.S. hours, the
greenback took a hit as Jay Powell pointed to risks from the novel coronavirus.
AUD/USD faded that last leg higher into the close, but remained elevated.
- The rate sits at $0.6721, 7 pips better off. Westpac Consumer Confidence
Survey revealed a 2.3% M/M increase in headline index.
- Bulls look at the 23.6% retracement of the Dec 31 - Feb 10 slide at $0.6748 as
their initial target. A push above there would open up the Feb 5 high of
$0.6774. Bears would be pleased by a pullback under the Feb 10 low of $0.6660,
the rate's worst level in 11 years.
- RBA's Heath spoke this morning, describing the coronavirus situation as "very
fluid." Governor Lowe will speak tomorrow.
MNI London Bureau | +44 203-865-3806 |
MNI London Bureau | +44 203-865-3806 |