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AUSSIE: AUD/USD retraced most of Tuesday's losses on Wednesday, moving back
above the broken multi-year trendline & the 100-DMA in the process. The move was
aided by MNI sources suggesting that the Fed could pause its rate hike cycle as
soon as early Spring 2019, which weighed on the USD.
- Elsewhere, MNI reports that Chinese trade advisors and former officials are
'optimistic' ahead of Trump-Xi discussions due to take place on the side lines
of the upcoming G20 meeting, as well as SCMP reports suggesting that trade hawk
Peter Navarro will be side lined at the G20, leant a helping hand to risk/AUD.
- AUD/USD last $0.7260. To move the outlook back to bullish, the rate needs to
break the 61.8% retracement of the move from $0.6828 to $0.8136 at $0.7328.
Bears need a move back below the Nov 13 low at $0.7164 to maintain control.
- Limited AU docket for the remainder of the week, with focus on the broader
risk backdrop/AUD/NZD flows.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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