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Bounces Off Support

AUD

The greenback finished weaker on Monday which allowed AUD/USD to finish the session higher, the pair tested resistance around 0.7480 before finishing at 0.7535. The pair last up 5 pips at 0.7540.

  • AUD could face some downward pressure from iron ore which fell on Monday. CBA writes: "Iron ore prices have been consolidating for almost two months in part because of comments from Chinese government officials raising concerns about high prices. The comments suggest an increased risk of government intervention to weigh on prices though it is uncertain how successful intervention will be."
  • From a technical perspective AUD/USD remains under pressure registering fresh lows again Friday. The pair has traded below key support at 0.7532 Apr 1 low and price has also breached the 200-dma. The move lower confirms a resumption of the reversal that occurred Feb 25 and signals scope for a deeper pullback towards 0.7462, the Dec 21, 2020 low. On the upside, initial resistance is at 0.7561, Friday's intraday high.
  • Another quiet session for data, weekly payroll and wage data is the highlight today. Data earlier showed ANZ weekly consumer confidence rose to 112.4 from 111.0 previously.
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