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AUDUSD New 2023 Low & Breaks Bear Trigger, GDP Coming Up

AUD

Aussie underperformed the G10 on Tuesday a day that included negative equity sentiment, the RBA on hold, disappointing China PMIs and a large drop in Australia’s terms of trade. AUDUSD fell 1.3% and broke through 64c in later APAC trading and then remained below there through the European/NY session reaching a low of 0.6358, lowest for 2023. It is currently around 0.6381. The USD index rose 0.5%.

  • AUDUSD trend remains bearish and it broke key support and the bear trigger at 0.6365 on Tuesday. A clear break of this would see a resumption of the down trend and open 0.6272, 3 November 2022 low. Initial resistance is at 0.6465.
  • AUDNZD is down 0.4% but remains above 1.08 and is currently at 1.0838. AUDJPY reached a low of 93.59 during early European trade but is currently down 0.4% to 94.23. AUDEUR is 0.6% lower at 0.5949 and AUDGBP is -0.8% to 0.5077.
  • Equity markets sold off with the S&P down 0.4% and the Euro stoxx -0.25%. The VIX finished at 14%. Oil prices were higher again with WTI rising 1.4% to $86.74/bbl. Copper rose slightly and iron ore is higher at $116.50/t.
  • Q2 GDP is out today and is expected to rise 0.4% q/q after 0.2% in Q1. See MNI Q2 GDP Expected To Print Higher Than Q1 On Wednesday.
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