Free Trial

AUD/USD climbed 8 pips overnight and last....>

AUSSIE
AUSSIE: AUD/USD climbed 8 pips overnight and last deals at $0.6926. The rate
ticked higher at the Tokyo equity open, as the Nikkei 225 opened on the front
foot, which proved slightly supportive for risk appetite within the G10 FX
space. Softer than exp. central yuan fixing from the PBoC prompted AUD/USD to
erase its earlier gains, but it moved away from lows and towards fresh session
highs subsequently.
- That being said, AUD/USD operated within a 14 pip range.
- The topside focus falls on $0.6948/52/53, which represent the May 15
high/21-DMA/61.8% fibo retracement of the YtD range. Above here would suggest a
bullish reversal. Bears need a fall through yesterday's low of $0.0904 before
challenging the downtrend resistance-turned-support, which comes in today at
$0.6884.
- Australian highlights this week include domestic capex data & building
approvals due Thursday, as well as private sector credit figures due Friday.
Official PMI data from China, due Friday, will also provide interest.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.