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AUDUSD Breaches Key Support As Antipodean FX Extends Weakness

FOREX
  • Both the Australian and New Zealand dollars were the clear standouts on Friday, extending on the prior sessions significant sell-off.
  • Despite the dollar index trading close to unchanged amid volatile two-way price action in equity benchmarks, AUD and NZD retreated a further 0.6%, bringing losses comfortably over 2% since Wednesday.
  • AUDUSD’s clear break of 0.7069 reinforced bearish conditions and cleared the way for an extension towards the key support at 0.6993/91, the Dec 3 and Nov 2, 2020 lows. The support was broken during the European session and market participants will pay attention to the potential for a weekly close below the technical point. Moving average conditions remain in a bear mode, highlighting current sentiment.
  • The dollar index caps off a stellar week, likely to register gains of around 1.65% and sitting at 18-month highs.
  • Worth noting China will be out all of next week, however, Chinese PMI’s to be released Sunday before Monday’s data focus in the form of the MNI Chicago Business Barometer™.
  • The week ahead will be highlighted by central bank policy decisions from the RBA, BOE and the ECB.
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