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AUD/USD Clears 50-Day EMA, Eyeing Resistance in 0.6770/0.6800 Region

AUD

AUD/USD is tracking higher, currently in the 0.6720/25 region, +0.50% for the session and the best performer within the G10 space, albeit at the margins (NZD is close behind at +0.40%). This puts AUD/USD at fresh highs for the week, having cleared resistance at the 50-day EMA at 0.6708. 0.6772/0.6806 highs from Apr 20 / Apr 14 are the next key resistance points.

  • The RBA SoMP didn't shift the sentiment dial a great deal, with the updated forecasts in line with what the RBA said on Tuesday. We did get better than expected housing loan data for Mar, +4.9% m/m, versus -0.3% expected.
  • Broader risk appetite is better in the equity space, with US equity futures holding gains (Eminis +0.35%). Regional equities are mixed though, with China weakness the main point of note.
  • Oil is also rising, but other commodities are mixed, with iron ore under $95/ton. Copper is also down.
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