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Contrasts With Weak Commodities The....>

AUSSIE TECHS
AUSSIE TECHS: Contrasts With Weak Commodities
The pair held above 0.72 despite a particularly poor commodities picture
(copper, oil, palladium and platinum all fell by well over 3%) suggesting AUD
may have some underlying strength. In fact, AUD/CNH's impressive rally adds
weight to the bull's argument that AUD/USD may have bottomed. A move back above
0.7328 will be a needed before confidence returns in any material way, while
bears eye the air pocket between the 2018 lows and the first significant support
at the December 2016 lows of $0.7160.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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