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AUDUSD Holding Onto Recent Gains Despite Risk Pullback

AUD

MNI (Australia) - AUDUSD rose to a peak of 0.6801 on Wednesday before coming down to 0.6735, around where it is currently trading, as risk appetite deteriorated on fears of surging Covid cases in China. Despite this Aussie was still one of the top G10 performers versus the USD after NZD, as the DXY finished 0.4% higher.

  • AUD is holding onto its gains versus the USD and is holding above the 50-day EMA support at 0.6671. A break through this would be needed to restart a downtrend and 0.6629, the December 20 low, is the short-term bear trigger. The bull trigger is 0.6893, the December 13 high.
  • AUDJPY finished the session up 0.8% to 90.58 and AUDEUR up 0.3% to 0.635. But AUDNZD fell 0.5% to around 1.0680.
  • Equity markets were generally lower with the S&P 500 finishing down 1.2% and the Eurostoxx -0.6% but the FTSE rose 0.3%. VIX ended up slightly at 22.1%. WTI crude was down 1.1% to around $78.65/bbl as the USD rose and concerns regarding China rose to the surface. Copper was also down (-0.3%) but iron ore is higher at $113.50/tonne.
  • There is no data in Australia today.
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