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Bullish Conditions Persist

AUD

Aussie was one of the better G10 performers on Friday and closed at 0.6877 with the USD index up 0.2%. AUDUSD has started the week in a narrow range and is currently around 0.6878 after reaching a high of 0.6887 earlier.

  • AUDUSD cleared 0.6818, which has opened 0.6921, the February 20 high. There is now scope to reach 0.6993. Initial support is at 0.6818, the May 10 high.
  • AUDJPY trended higher after the BoJ left policy unchanged. It is currently around 97.58. AUDNZD has been trading sideways and is at 1.1041. AUDEUR is at 0.6286 and AUDGBP is lower t 0.5361.
  • Equity markets were mixed with the Eurostoxx up 0.7% but the S&P down 0.4%. Oil prices were up around a percent on Friday with WTI finishing at $71.44/bbl. LME metal prices rose 4% on the week and iron ore is higher at $114/t.
  • There are no events in Australia today and the US is closed. The focus of the week will be Tuesday’s RBA minutes.
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