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AUDUSD 1% Lower Last Week, Focus On Tuesday’s RBA Meeting

AUD

AUDUSD finished last week down a 1 percent as higher US yields resulted in a stronger US dollar (USD index +0.5% w/w). The pair fell 0.3% on Friday to 0.6559 pressured by weak equities after a low of 0.6552 early in the European session. The USD index rose another 0.2%.

  • AUDUSD has fallen below support at 0.6572, 50-day EMA, and while the recent drop is seen as corrective, a further move lower would signal scope towards key support at 0.6478, March 5 low. Resistance and bull trigger is at 0.6668. Clearance of this is needed to resume the bull cycle.
  • AUDNZD trended higher over Friday and is up 0.4% to 1.0776 after an intraday high of 1.0788. AUDJPY is up 0.2% to 97.78. AUDEUR is down 0.4% to 0.6023 and AUDGBP -0.2% to 0.5151.
  • Equities sold off with the S&P down 0.7% and the Euro stoxx -0.1%. VIX was steady. Oil held onto its gains with Brent down 0.1% to $85.35/bbl. LME metal prices rose 1.4% on Friday to be up 4.1% on the week. Iron ore broke below $100/t and is now hovering just under that level.
  • There are no data or events in Australia today but the highlights of the week will be Tuesday’s RBA meeting and Thursday’s February employment report.
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