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AUD/USD Rebound Runs Out Of Steam At 0.6450, AUD/JPY Lower

AUD

AUD/USD got back to ~0.6450 post the Asia close on Thursday before running out of momentum. We pulled back to around ~0.6400 late in NY trade, which is where we currently track. This left the pair down 0.31% for Thursday's session, the worst performer in the G10 space, with generally mixed trends elsewhere (the BBDXY finished down -0.08%).

  • From a technical standpoint, we remain sub support at 0.6458, the May 31 low and bear trigger. This strengthens the downtrend and paves the way for weakness towards 0.6285 next, the Nov 4 2022 low. On the upside, firm resistance is seen at the 20-day EMA - at 0.6577.
  • In the cross asset space, late equity market weakness in the US on Thursday (SPX finished down -0.77%), appeared to curb the A$ rebound. No obvious catalyst was cited for the equity move.
  • AUD/JPY got back close to 93.20 late in NY trade, close to earlier lows. We sit slightly higher now, last near 93.35. Yen was the best performer in the G10 space for Thursday's session.
  • In terms of commodities, the aggregate Bloomberg index rose 0.32%, its first gain since Wednesday the 9th of August. Base metals also rose, +0.87%. Iron ore futures are notably higher, back above the $105/ton handle. China related asset sentiment was more positive on Thursday, which likely helped at the margins.
  • The local data calendar is empty today.
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