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Bullish Posture

AUD

Friday saw AUD/USD continue to gain and post a new cycle high, the pair has built on its gains so far in Asia, the pair last up 12 pip at 0.7881.

AUD was the best G10 performer last week, AUD gaining even as the greenback itself rose.

  • In terms of options 0.79 is in focus this week, around $3bn 0.79 puts expire on Feb 26.
  • From a technical perspective AUD/USD maintains a bullish posture with scope for further gains. Price action on Feb 5 highlighted a reversal signal following the inability to clear the 50-day EMA. The pair has breached resistance at 0.7820, Jan 6 high and the bull trigger. This opens 0.7915 as the next upside target. On the downside, a break of 0.7564, Feb 2 low is required to highlight a broader reversal. Initial support lies at 0.7718, the 20-day EMA
  • There is no local data on the docket tonight, markets look ahead to wage price data and private sector credit data later in the week.
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