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AUDUSD Breaks Above Bull Trigger As US Data Disappoints

AUD

AUDUSD rose to a high of 0.6734, breaking above key resistance at 0.6714, May 16 high, boosted by stronger risk appetite in the wake of disappointing US services ISM data and the widening Au-US 2-year yield differential. The pair is now 0.6% higher at 0.6707 and one of the better G10 performers. The USD index fell 0.3%.

  • The breach of the bull trigger has opened up 0.6751, a Fibonacci retracement. Initial and key support is at 0.6576. Moving average studies remain in bull mode.
  • The yen underperformed the G10 and AUDJPY rose to a high of 108.51, above 2007 highs and now the highest since 1991’s 109.54 (see MNI AUDUSD Resistance Key For Momentum In The Crosses). The pair is currently up 0.7% to 108.40.
  • AUDNZD is up 0.2% to 1.0990 after reaching a high of 1.0993, failing to make the 1.10 mark. AUDEUR is 0.2% higher at 0.6217 and AUDGBP +0.1% to 0.5263 ahead of today’s UK election.
  • Equities were stronger with the S&P up 0.5% and Euro stoxx +1.2%. Oil prices rose with WTI up 1% to $83.60/bbl. Copper is 2.5% higher and iron ore is around $113/t.
  • Today Australian May trade data are released.
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