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AUD/USD Met Thin Air Above $0.7400 in Asia But Underlying Tone Remains Buoyant.

AUD
MNI (London)
  • AUD/USD managed to work its way through resistance around the $0.7400 level in overnight trade, the rate trading to a high of $0.7407 before losing momentum.
  • Local traders suggested cross interest likely aided the move above $0.7400, one linking move to AUD/CAD when it broke C$0.9605.
  • China Nov PMI came in stronger than forecast and provided AUD with some added lift though traders aware of the current spat between Australia and China, Australia PM this morning condemning the Chinese Ministry of Foreign Affairs for posting a photoshopped picture of an Australian soldier holding a knife at an Afghan child's throat.
  • Resistance in AUD/JPY above Y77.10 also acted to counter AUD/USD's rise.
  • Traders note that the $0.7400 level holds the strikes for A$777mln AUD calls at today's NY cut, with close to A$1.0bln of AUD calls rolling off through the rest of the week.
  • AUD/USD extended its corrective pullback to $0.7376 in early Europe, currently around $0.7383.
  • MNI Techs: AUDUSD continued to climb and traded above 0.7400 overnight. A positive outlook remains with a bullish trend sequence of higher highs and higher lows intact. Attention is on 0.7414, Sep 1 high and the key bull trigger. A break would open 0.7484, a high last seen in July 2018. Moving average studies are in a bull mode, reinforcing current trending conditions. Key short-term support lies at 0.7255, Nov 19 low.
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
BulletMarketsForeign Exchange Bullets
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
BulletMarketsForeign Exchange Bullets

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