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Bullish Trend Strengthened As AUDUSD Breaks Resistance, CPI Coming Up

AUD

Aussie was one of the better performers in the G10 with AUDUSD trading above 66c apart from a brief move to 0.6597 early in European trading. The pair is up 0.6% to 0.6647 but off the high in NY trading of 0.6666, breaking several resistance levels. The USD index fell 0.4% after dovish comments from the Fed’s Waller.

  • The bullish trend was reinforced with AUDUSD breaking above resistance at 0.6632 and 0.6656. The move signals scope for the pair to continue higher towards 0.6687. Initial support is at 0.6491, 20-day EMA.
  • AUDNZD is flat at 1.0838 ahead of today’s RBNZ meeting. But AUDJPY is down 0.2% to 98.02 as lower US yields buoyed the yen. AUDEUR is up 0.3% to 0.6048 and AUDGBP +0.1% to 0.5236.
  • Equity markets were mixed with the S&P up 0.1% but the Euro stoxx down 0.2%. Oil prices were stronger with WTI up 2% to $76.38/bbl. Copper rose 1.1% but iron ore is lower at around $128.50/t.
  • Today October CPI is released and is forecast to moderate to 5.2% from 5.6% on lower fuel prices. Note few services are measured in the first month of the quarter. There is also Q3 construction data.
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