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AUD: AUDUSD Rallies But Technicals Suggest This Is Corrective

AUD
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Aussie outperformed the G10 along with kiwi helped by weaker-than-expected US retail sales weighing on the greenback and hope of a Ukraine peace deal supporting risk sensitive currencies. AUDUSD rose 0.6% on Friday to 0.6352 off the intraday high of 0.6368. It has started today slightly lower at 0.6348. The USD index is down 0.3%.

  • AUDUSD broke above initial resistance at 0.6334 opening up 0.6384, December 13 high. Initial support is at 0.6231, 10 February low. Moving average studies remain in a bear-mode position, suggesting that this recovery is corrective.
  • Kiwi outperformed the G10 resulting in AUDNZD falling below 1.11. The pair was down 0.4% to 1.1087 on Friday but is now higher at 1.1096.
  • Aussie rose 0.2% against the yen to 96.74 after a high of 96.99. It is currently a bit lower at 96.65. AUDEUR was up 0.3% to 0.6055 and AUDGBP +0.4% to 0.5047 but has started today lower at 0.5043.
  • The S&P was flat on Friday, while Euro stoxx fell 0.1%. Oil prices were lower with Brent down 0.5% to $74.64/bbl. Copper fell 2.9% and iron ore is around $105/t.
  • There are no data or events in Australia today. The focus of the week is on tomorrow’s RBA decision and Thursday’s labour market data. 
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Aussie outperformed the G10 along with kiwi helped by weaker-than-expected US retail sales weighing on the greenback and hope of a Ukraine peace deal supporting risk sensitive currencies. AUDUSD rose 0.6% on Friday to 0.6352 off the intraday high of 0.6368. It has started today slightly lower at 0.6348. The USD index is down 0.3%.

  • AUDUSD broke above initial resistance at 0.6334 opening up 0.6384, December 13 high. Initial support is at 0.6231, 10 February low. Moving average studies remain in a bear-mode position, suggesting that this recovery is corrective.
  • Kiwi outperformed the G10 resulting in AUDNZD falling below 1.11. The pair was down 0.4% to 1.1087 on Friday but is now higher at 1.1096.
  • Aussie rose 0.2% against the yen to 96.74 after a high of 96.99. It is currently a bit lower at 96.65. AUDEUR was up 0.3% to 0.6055 and AUDGBP +0.4% to 0.5047 but has started today lower at 0.5043.
  • The S&P was flat on Friday, while Euro stoxx fell 0.1%. Oil prices were lower with Brent down 0.5% to $74.64/bbl. Copper fell 2.9% and iron ore is around $105/t.
  • There are no data or events in Australia today. The focus of the week is on tomorrow’s RBA decision and Thursday’s labour market data.