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Consolidation Mode


Maintains A Bullish Tone


Corrective Cycle Still In Play


BanRep Preview – October 29 1900BST/1400ET

China Coal Ban Still In Place


China keeps its ban on Australian coal in place according to headlines crossing Bloomberg, citing simply "person". Some stranded coal shipments will be unloaded by China, the headlines go on to say.

  • AUD/USD is down 6 pips at 0.7672, off session highs at 0.7682 after running into offers. The rate is still some 100 pips higher than lows hit on Friday.
  • AUDUSD benefited from post-NFP USD sales Friday, stalling the recent bearish trend to recover back above the 50-dma. Scope is seen for a deeper pullback as part of a corrective cycle with momentum studies also trending down and unwinding a recent overbought reading. Attention is on the 50-day EMA. This has this week been probed and a clear break would strengthen a bearish case and open 0.7517, Dec 22 low. On the upside, 0.7704 marks initial resistance