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AUD: AUDUSD Trended Higher Following China Negotiation News

AUD
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While Aussie fell sharply on Monday following the US’ commitment to tariffs, it wasn’t the worst performer in the G10, that was kiwi. AUDUSD fell to a low of 0.6088 during the APAC session but stabilised after WSJ reports that China would negotiate with the US and wouldn’t devalue the yuan. The pair then climbed over the rest of the day and is now down 0.4% to 0.6195. 

  • AUDUSD broke below the bear trigger at 0.6131 and round number support at 0.6100 confirming the bearish trend. Initial support is now yesterday’s low of 0.6088. Initial resistance is at 0.6220. Moving average studies are in a bear mode highlighting a dominant downtrend.
  • With kiwi underperforming AUDNZD trended higher with the pair up 0.4% to 1.1056. At the other end, the yen outperformed leaving AUDJPY 0.7% lower at 95.70 but off the intraday low of 94.62.
  • AUDEUR is 0.2% higher at 0.6007 after a low of 0.5956 but then Europe was also threatened with US tariffs. AUDGBP fell 0.5% to 0.4988 though as President Trump said that the UK may be able to avoid tariffs.
  • Equities sold with the S&P down 0.8%, Euro stoxx -1.3% and FTSE -1.0%. Oil prices are off their intraday highs but still up on the day with Brent +0.2% to $75.82/bbl. Copper is up 0.9% and iron ore is around $104/t.
  • Today December household spending prints and is forecast to rise 0.3% m/m and 3.4% y/y. 
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While Aussie fell sharply on Monday following the US’ commitment to tariffs, it wasn’t the worst performer in the G10, that was kiwi. AUDUSD fell to a low of 0.6088 during the APAC session but stabilised after WSJ reports that China would negotiate with the US and wouldn’t devalue the yuan. The pair then climbed over the rest of the day and is now down 0.4% to 0.6195. 

  • AUDUSD broke below the bear trigger at 0.6131 and round number support at 0.6100 confirming the bearish trend. Initial support is now yesterday’s low of 0.6088. Initial resistance is at 0.6220. Moving average studies are in a bear mode highlighting a dominant downtrend.
  • With kiwi underperforming AUDNZD trended higher with the pair up 0.4% to 1.1056. At the other end, the yen outperformed leaving AUDJPY 0.7% lower at 95.70 but off the intraday low of 94.62.
  • AUDEUR is 0.2% higher at 0.6007 after a low of 0.5956 but then Europe was also threatened with US tariffs. AUDGBP fell 0.5% to 0.4988 though as President Trump said that the UK may be able to avoid tariffs.
  • Equities sold with the S&P down 0.8%, Euro stoxx -1.3% and FTSE -1.0%. Oil prices are off their intraday highs but still up on the day with Brent +0.2% to $75.82/bbl. Copper is up 0.9% and iron ore is around $104/t.
  • Today December household spending prints and is forecast to rise 0.3% m/m and 3.4% y/y.