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AUDUSD Struggling To Hold Breaks Above 64c, Remains In Bearish Trend

AUD

AUDUSD was little changed on Friday at 0.6378 after reaching an intraday high of 0.6415. It broke 0.6400 a number of times but couldn’t hold breaks. It has started the week slightly higher and is currently at 0.6390. The USD index was flat.

  • AUDUSD remains in a bearish trend confirmed by the break of the bear trigger at 0.6365 last week. A clear breach of this level would open 0.6272. Initial resistance is 0.6456, the 20-day EMA.
  • Aussie is little changed against the major crosses. AUDJPY finished higher at 94.28 and is currently down to 94.05. AUDNZD is down 0.1% to 1.0841. AUDEUR is up 0.1% at 0.5965 and AUDGBP +0.2% to 0.5120.
  • Equity markets were higher with the S&P up 0.1% and the Euro stoxx +0.4%. Oil was up with Brent closing above $90/bbl. LME metal prices fell 2.8% on the week after falling 1% on Friday. Iron ore is around $113.50/t.
  • Today there are no local data with the highlight of the week Thursday’s labour market report.
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