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AUDUSD Now Higher Than Post Retail Sales Data

AUD

The Aussie fell 0.1% against the USD on Tuesday and is currently trading around 0.7055. It hit a low of 0.6984 on equity weakness but wasn’t below 0.7000 for long as it found support around this level. Softer US data then drove a drop in the USD and the AUD rebounded. Aussie was a mid-range performer in the G10 and the best of those currencies which were down.

  • The current move lower from the January 26 high is seen as corrective and the uptrend remains in place. The next level to watch on the upside is 0.7172 and on the downside support is at the 20-day EMA of 0.6967.
  • AUDNZD range traded on Tuesday and is now at 1.0916 ahead of the NZ labour market report. AUDJPY finished 0.3% lower and is currently around 91.79. AUDEUR is down 0.2% at 0.6493 but AUDGBP is up 0.2% 0.5726.
  • Equity markets were stronger with the S&P up 1.5% and the Eurostoxx +0.1% but the FTSE fell 0.2%. WTI oil prices were up 1.6% to $79.12/bbl. Copper was also higher up 0.5% and iron ore is back above $128.50.
  • CoreLogic Australian house prices fell a further 1.1% in December. Today the final Judo Bank manufacturing PMI for January prints. The preliminary reading fell to 49.8. The RBA’s Kohler appears at the Senate Select Committee on the Cost of Living at 10.40 AEDT.
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