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Breaks Above 50-Day EMA Amid Firmer Risk Sentiment

AUD

AUD/USD prints at $0.6780/85, the pair rose ~1.4% on Thursday

  • Weaker than expected US PPI weighed on the greenback on Thursday with firmer equities boosting risk sentiment helping AUD continue its post jobs data rally seen in Asia yesterday.
  • AUD/USD convincingly broke the 50-Day EMA ($0.6739), firming through the session before meeting resistance at $0.6793 the high from Apr 4.
  • Technically $0.6824 the Feb 24 high marks as a key upside level for the continuation of Thursdays rally. Bears target a break of $0.6565 which is required for continuation of the downtrend.
  • AUD/NZD failed to sustain a break of the $1.08 handle, the cross prints at $1.0770/80.
  • Cross asset wise; DXY was down ~0.5% and sits a touch above 2023 lows. The S&P500 rose 1.3% and 2 Year US Treasury Yields rose 1bp. Iron Ore futures are ~0.3% firmer in early trade today.
  • The domestic data calendar is empty today.
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