AUDUSD Dips Below 66c But Finds Support Here, NAB Survey Coming Up

Aussie underperformed the G10 falling 0.3% against the greenback to 0.6603 after outperforming on Thursday. The pair has started today’s trading around this level. The USD index finished 0.1% higher on the back of higher yields following a pickup in University of Michigan 1-year ahead inflation expectations. AUDUSD broke below 66c several times but only briefly and seems to have found support at this level.

• The break above 0.6587 highlighted the resumption of the bull leg and opened 0.6668, key resistance. Initial support is at 0.6538, 50-day EMA, and resistance at 0.6647, May 3 high.
• AUDJPY finished down slightly at 102.87 after range trading on Friday. It is currently around 102.86. AUDNZD reached a high of 1.0991 but then eased to 1.0968, close to where it is now. AUDEUR fell 0.1% to 0.6132 and AUDGBP finished down 0.3% to 0.5272.
• Equities were stronger with the S&P up 0.2% and the Euro stoxx +0.6%. Oil prices were lower with Brent falling 1.3% to $82.58/bbl. LME metal prices rose 0.2% to be up 0.7%. Iron ore is around $115.50/t.
• Today the April NAB business survey and CBA household spending indicator print.