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AUDUSD Breaks Below 65c As Risk Sentiment Deteriorates

AUD

AUDUSD is down 0.5% to around 0.6540 but off its Tuesday low of 0.6497. The move below 65c was short lived and Aussie recovered some of its losses. Flight to quality following negative banking news supported the greenback and weighed on risk-sensitive currencies. The USD index finished 0.5% higher.

  • Tuesday’s price action confirmed the bearish AUDUSD conditions. The pair broke through 0.6514, August 3 low, and remains below the 20- and 50-day EMAs. The trending lower has opened up 0.6458, May 31 low and bear trigger. Initial resistance is 0.6610.
  • AUDNZD is 0.2% higher at 1.0789. AUDJPY rose 0.1% to 93.75. AUDEUR is down 0.1% to 0.5971 and AUDGBP -0.2% to 0.5132.
  • Equity markets were weaker with the pullback in risk sentiment. The S&P fell 0.4% and Euro stoxx -1.1%. VIX was 16%. Oil prices rallied around 1% with WTI closing at $82.84/bbl. But copper fell 1.5% and iron ore broke below $100/t and is now just above that level.
  • There is no data scheduled in Australia today. The focus today is likely to be on China’s July CPI.
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