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AUDUSD Can’t Hold 65c Break, Trend Remains Bearish

AUD

Aussie was one of the better G10 performers on Friday but finished flat on the day against the greenback. AUDUSD reached a high of 0.6501 but couldn’t hold the break and trended down following the US consumption data. It has started the week at 0.6434. The USD index finished slightly down.

  • The gains on Thursday/Friday are seen as corrective and the trend condition remains bearish. The break last week of 0.6365, points to the resumption of the downtrend and opens 0.6287, a Fibonacci projection point. Initial resistance is at 0.6501, September 29 high.
  • AUDJPY is 0.3% higher at 96.22. AUDNZD is down 0.5% at 1.073 but off the early Monday low of 1.0691. Aussie is up 0.1% versus the euro and pound at 0.6089 and 0.5273 respectively.
  • Equity markets were mixed with the S&P down 0.3% but the euro stoxx up 0.3%. Oil prices fell around a percent with Brent closing at $92.07/bbl. LME metal prices rose 0.7% on Friday and iron ore is around $120/t.
  • The highlight of the week will be Tuesday’s RBA meeting. The Judo Bank final September manufacturing PMI and MI inflation gauge for September print today. China, Hong Kong and India are closed today.
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