AUD/USD Uptrends Persists, 200-day EMA Within Sight, AU Markets Closed Today

AUD/USD gained through Friday's session, rising close to 0.40%. We got just above 0.6750 in NY trade, before easing back to around 0.6740, which is where we currently track. Technically, resistance at the 50-day EMA has been cleared. The break higher strengthened on the break of 0.6733, 76.4% of the downleg in May. The 200-day EMA is around 0.6755, while on the downside is 0.6623, the 20-day EMA.

• Commodity FX outperformed the rest of the G10 through Friday (led by NOK post a CPI beat). Commodity indices were mixed though, the aggregate Bloomberg index lower (-0.82%) while the base metals index edged higher (0.27%), but iron ore eased off recent highs, last close to $110/ton.
• Equity sentiment was mixed, with muted moves in US and EU equities. US front end yields led moves higher (2yr back near 4.60%), supporting the dollar against lower beta plays.
• Australian markets are closed today for the King's Birthday holiday.
• The data calendar has CBA household spending for May out tomorrow, along with Westpac consumer confidence (June) and NAB business conditions (May). Thurs is likely to the main focus, with May jobs data due.