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AUDUSD Approaching Bull Trigger Again, Net Export Data Coming Up

AUD

Aussie outperformed the G10 with slightly positive equity sentiment and slightly higher global bond yields in thin trading given the US holiday. AUDUSD rose 0.4% to 0.6791, close to the intraday high of 0.6795. The USD index was 0.1% higher.

  • The bull cycle in AUDUSD remains intact and is approaching the bull trigger at 0.6799 again. A clear break of this level would strengthen the bullish theme. Initial resistance is at 0.6824, August 29 high, while support is at 0.6706, 20-day EMA.
  • Aussie rose strongly against the yen with the pair up 0.8% to 99.74, close to the high of 99.87. AUDNZD broke above 1.09 briefly to reach a high of 1.0905. It is currently up 0.6% to 1.0893. AUDEUR is up 0.2% to 0.6133 after reaching 0.6138. AUDGBP is 0.2% higher at 0.5165.
  • Equities were mixed with the S&P e-mini up 0.1% and Euro stoxx +0.3% but the FTSE down 0.2%. Oil prices picked up with Brent +0.5% to $77.28/bbl. Copper fell 0.4% and iron ore is $96-97/t.
  • Today Q2 current account/net export contribution and government finance data print, which will feed into GDP estimates.
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