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AUDUSD Gives Up Its Post-RBA Gains

AUD

Aussie underperformed in the norther hemisphere session after approaching 70c as the post-RBA rally unwound. It underperformed the G10 while the USD was up slightly. AUDUSD is trading close to the intraday low at 0.6925.

  • The uptrend in AUDUSD remains in place but a clear break of 0.6878, the 50-day EMA, could signal room for a deeper retracement. Initial support is at 0.6856, the February 6 low, while 0.7082 is initial resistance, the February 3 high. The bull trigger lies at 0.7158.
  • Aussie is down against the major crosses with AUDNZD -0.2% to 1.0979 but is still above the pre-RBA level. AUDJPY is down 0.3% to 90.98. AUDGBP is down 0.7% to 0.5736 and AUDEUR is -0.4% to 0.6463.
  • Equity markets were mixed after Tuesday’s rally with the S&P down 1.1%, the Eurostoxx flat and the FTSE up 0.3%. The VIX was higher at 19.6%. WTI oil prices looked through data showing a further US stock build and WTI rose 1.7% to around $78.40/bbl. Copper prices fell 0.9% and iron ore is steady just above $121/t.
  • There is nothing scheduled in Australia today with the focus now on Friday’s RBA Statement on Monetary Policy.
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