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AUDUSD Breaks Above 67c But Downtrend Still Intact, Watch RBA Minutes

AUD

While Aussie underperformed most of the G10, it still rose 0.3% against the greenback to break above 0.6700 after reaching a low of 0.6666 earlier. It is now trading around 0.6718. The USD index fell 0.4%, as risk appetite improved.

  • AUDUSD’s recovery has been shallow to date and trend conditions remain bearish. The break of key support at 0.6629, the December 20 low, signals a potential move towards 0.6547. Initial resistance is at 0.6784, the March 1 high.
  • Aussie rose 0.6% against the kiwi to 1.0756. But was down 0.1% versus the yen to 88.23. AUDGBP fell 0.5% to 0.5472 and AUDEUR -0.2% to 0.6267.
  • Equity markets rallied on Monday with the S&P 500 0.9% higher and the Eurostoxx +1.3% following the UBS-CS deal. VIX fell over 1pp to 24.2%. Brent crude rose 1.2% to $73.85/bbl after reaching a low of $70.12 earlier. Copper prices rose 1.7% and iron ore is trading just below $125/t.
  • Today the RBA minutes from the March meeting are published. The minutes will be watched closely as to the details of the RBA’s thought on “when and how much further interest rates need to increase”.
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