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AUDUSD Lower As Risk Sentiment Deteriorates On Unrest In China

AUD

AUDUSD has come down to 0.6720 this morning after protests erupted in China over harsh Covid restrictions. It had traded slightly lower in Friday overnight trade to 0.6750 but ended the week higher. Most G10 currencies were down against the USD on Friday with AUD mid-performer.

  • The recovery in the AUD over the week confirmed its bullish trend. Initial support is at 0.6634 but a break of 0.6576, firm support and 50-day EMA, would be seen as a bearish development. An upside break through 0.6797 on the upside would resume the uptrend.
  • On the back of the risk off move following unrest in China, AUDJPY is 0.4% lower at 93.57. It is off of its earlier 93.40 low. AUDEUR is also down to 0.6475. AUDNZD is range trading around Friday’s NY close level of 1.08.
  • Equity markets were generally flat to higher on Friday with both the S&P 500 and Eurostoxx flat but the Dow Jones and FTSE up. NZ has opened down 0.3% this morning. WTI oil prices fell 1.8% to $76.28 Friday night, as the growing number of Covid infections in China and uncertainly over the oil price cap on Russia weighed on sentiment. LME metals index fell 0.5% but was higher on the week. Iron ore is at $98.60.
  • Retail sales for October print this morning and are expected to rise a solid 0.5% m/m.
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