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AUDUSD Trades Around 0.6540, RBA Minutes Coming Up

AUD

After peaking at 0.6552 early in APAC trading on Monday, AUDUSD eased back and with little to drive it, it moved around the 0.6540 level. It is currently 0.1% higher on the day at 0.6540. With the US on holiday, the USD index is flat.

  • The recent recovery in AUDUSD is still seen as corrective. Moving average studies are in a bear-mode structure. Initial support is at 0.6412, a Fibonacci retracement, and initial and key resistance at 0.6625, January 30 high.
  • AUDNZD continued trending lower with some nerves that the RBNZ may hike next week. The pair is down 0.3% to 1.0637. AUDJPY is 0.1% higher at 98.20. AUDEUR is 0.1% higher at 0.6068 and AUDGBP +0.2% to 0.5191.
  • European equity markets were mixed with the Euro stoxx down slightly but the FTSE up 0.2%. Oil is down moderately with Brent 0.1% lower at $83.36/bbl. Copper is down 0.7% and iron ore is around $126/t.
  • Today the RBA minutes are published with the attention on whether a 25bp hike was discussed.
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