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AUD/USD Pullbacks Limited by Stubborn Stock Futures

FOREX
  • EUR/USD inching to new daily lows through what would be the NY crossover - no cash equity trade today to aid market sentiment, but the USD is recovering off the pullback lows posted just ahead of the Friday close.
  • Fading EUR/USD will run into first support at the Friday lows of 1.0732, but a more protracted pullback should see firmer levels come into play at last week's cycle low of 1.0695.
  • Stock index futures have inched higher in tandem - but market moves at this stage are particularly muted through the US public holiday. Marginal firming of stock futures could be countering any read-through for AUD/USD, which at present has printed higher highs and higher lows for fourth consecutive session and shown above the 100-dma of 0.6546 in the process.
  • A close at current or higher levels would cement last week's pullback as corrective in nature, opening 0.6565 and 0.6625 as the next key levels. Wage Price Index data due later this week could prove instrumental for further currency strength, as well as prelim February PMI data due Wednesday.
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