Trial now

Approaching Key Resistance


(U1) Heading North


Uncertainty Noted, '22 GDP Exp. Marked Up

AUSSIE: AUD/USD shed 13 pips and last trades at $0.6814. U.S.-China tensions
over the Hong Kong situation were the main driver as U.S. Senate's unanimous
approval of a bill supporting the protests drew censure and threats of
retaliation from Beijing, potentially complicating bilateral trade talks.
- Skilled vacancies declined for the 10th month straight but the release failed
to elicit any market reaction. Westpac Leading Index slipped as well.
- Australia's financial crimes agency has launched legal action against Westpac,
accusing the banking giant of 23mn breaches of money-laundering and terrorism
financing regulations. Elsewhere, PM Morrison pledged to fast-track A$3.8bn of
infrastructure projects despite rejecting calls for additional fiscal stimulus.
- Bears look for a slide under the mid-point of the Oct bull mkt/Nov 18 low at
$0.6801/6799 before setting their sights on $0.6770, the 61.8% retracement of
the aforementioned rally and also the low of Nov 14. Bulls look to retake the
38.2% retracement of the Oct range at $0.6831, which capped gains overnight.
Above there would open up the the Nov 12/13 highs of $0.6857.
- Looking ahead, flash CBA PMIs are due on Friday.