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Climbing

AUD

AUD/USD managed to eke out some gains on Tuesday, with participants assessing rhetoric from global central bankers. Fed's Bullard cranked up his hawkish speak, but Antipodean monetary authorities kept up. RBNZ Gov Orr reaffirmed a clear tightening bias of his MPC, while the latest RBA minutes suggested that the likely start to Australia's rate-hike cycle has been brought forward in light of economic data.

  • AUD/USD has added a handful of pips this morning and last changes hands +16 pips at $0.7390. A break above Apr 7 high of $0.7519 and Apr 6 high of $0.7593 would bring Apr 5 high of $0.7661 into view. Bears need a dip through the 50-DMA ($0.7348), which limited losses earlier this week. This would expose the 76.4% retracement of the Mar 15 - Apr 5 rally at $0.7282.
  • ANZ Roy Morgan Weekly Consumer Confidence provides the only item on the domestic economic docket today, with flash S&P Global PMIs coming up Friday.
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