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AUDUSD makes Softer Start, Focus On Wages This Week

AUD

AUDUSD ended the week lower and below 0.6900 at 0.6879. It has started the week down from there at 0.6864. It was a mid-G10 performer on Friday as the USD finished flat.

  • AUDUSD broke through initial support of 0.6856 and reached a low of 0.6812 but then climbed again from there. First support now lies at 0.6812. However, the broader uptrend remains in place for now and would resume with a break through 0.7158, the bull trigger.
  • Aussie was stronger against the kiwi and yen at 1.1012 and 92.20 respectively. But it was down against the euro and pound to 0.6424 and 0.5706 respectively.
  • Equity markets were generally down with the S&P 500 -0.3% and the Eurostoxx -0.5% but the Dow Jones 0.4% higher. The VIX is down to 20.5%. WTI oil prices finished the week lower at $76.33. They tumbled 2.75% on Friday on weaker demand worries. LME metals prices were also lower down 0.5% on Friday. Iron ore was higher at $125.70.
  • There are no events in Australia today with the focus of the week on Tuesday’s RBA minutes and Wednesday’s wages data. The US is closed today.
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