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AUDUSD Edging Back Towards Post-RBA Highs, Attention On Governor Lowe

AUSTRALIA
  • Despite the initial greenback advance on Tuesday, which saw the USD index rise back above 104 and reach a high of 104.36, the moderate paring of these USD gains has helped the Australian dollar edge back towards the day’s best levels. Focus turns to RBA Governor Lowe who will speak early on Wednesday at the Morgan Stanley Australia Summit, in Sydney where audience questions are expected. Additionally, first quarter GDP Data will hit the wires.
  • As a reminder, the RBA marginally pushed against consensus with a 25bps hike to the cash rate target overnight, boosting rates to 4.10% and signalling that further policy tightening could follow.
  • In response, AUD surged to an intra-day peak of 0.6685 and despite the pullback throughout the first half of the European session, sits firmer against all others in G10 - helping to extend the streak of higher intraday lows into a fifth session against the USD.
  • Technically, price action marks an extension of the recovery from the May 31 low and resistance at the 50-day EMA, which intersects at 0.6653, has been cleared. This signals scope for a stronger recovery and opens 0.6710, May 16 high. Above here, the May 10 high at 0.6818 remains the key short-term resistance point.
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