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AUDUSD Tests 65c, Capex Coming Up

AUD

AUDUSD broke through 65c on Wednesday to a high of 0.6522 but couldn’t hold it and finished down on the day due to less buoyant equity performance. It is currently around 0.6475. The USD index fell 0.4% on downward revisions to Q2 US GDP and softer ADP employment.

  • Recent AUDUSD gains are seen as corrective and bear conditions remain intact. The 20-day EMA of 0.6492 was breached but not held which is needed before a reversal higher can be confirmed. Initial support is at 0.6365, the bear trigger.
  • Aussie is down 0.5% versus the euro to 0.5926 and -0.7% to 0.5090 against the pound. AUDJPY is up 0.1% to 94.63 and AUDNZD +0.3% to 1.0881.
  • Equity markets were mixed with the S&P up 0.4%, FTSE +0.1% but the Euro stoxx down 0.3%. VIX was lower at 13.9%. Oil prices rose again with WTI up 0.7% to $81.71/bbl. Copper fell 0.5% and iron ore is higher at $114.50/t.
  • Today Q2 private expenditure and July RBA private sector credit print.
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