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AUDUSD Continues Climb Higher But Underperforms G10

AUD

AUDUSD cleared resistance at 0.6825 during Wednesday’s APAC trading and continued trending higher through the rest of the day to be up 0.3% to 0.6844. Although with the USD index down 0.5%, Aussie underperformed most of the G10 along with other commodity currencies.

  • The continued move higher in AUDUSD reinforced the bullish trend for the pair. It reached a high of 0.6852 yesterday. There is scope now for it to rise towards 0.6900, key resistance. Initial support is at 0.6726, December 21 low.
  • Aussie rose 0.2% against kiwi to break above 1.08. It is currently at 1.0805. AUDJPY is down 0.1% to 97.06. AUDEUR fell 0.3% to 0.6163 and AUDGBP -0.3% to 0.5348.
  • Equity markets rallied with the S&P up 0.1%, Euro stoxx +0.2% and FTSE +0.4%. Oil fell around 2% with Brent back below $80 at $79.44/bbl. Copper is 1.4% higher and iron ore is back below $140/t after reaching a high of $141.40.
  • There are no data or events in Australia today.
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