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Free AccessAUDUSD Underperforms G10 On Risk Pullback
AUDUSD continued its down move overnight and it is now trading just above its low at around 0.6650. The G10 were all down against the USD, except the yen, but AUD was the worst performer as risk sentiment deteriorated driven by worsening Covid cases in China and related unrest. The USD finished the session up 0.7%, also helped by hawkish Fed comments.
- The bull trend remains in place. Initial support for AUDUSD is at 0.6583, the 50-day EMA, a clear break of this would be seen as a bearish development. Initial resistance is 0.6797, the bull trigger.
- AUDJPY is 93.375, close to its overnight lows. AUDEUR has come off of its 0.6392 low and is now 0.6432. AUDNZD has recovered slightly to be trading around 1.079.
- Equity markets were down across the board with the risk off move. The S&P 500 fell 1.5% and Eurostoxx -0.7%. Oil prices were mixed with WTI rising 0.4% driven by reports that OPEC+ may cut output again at its December meeting but Brent fell 1.4% over European discussions of a price cap of $62/bbl. Copper prices were down 0.9% driven by the higher USD and China uncertainties. Iron ore stayed strong at $100-101, the highest since mid-September.
- No events of note in Australia today with a raft of data printing tomorrow. Tonight there is preliminary November German CPI and US November consumer confidence.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.