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DXY Swiftly Reverses Course As Yields Weigh, AUD Underperforms

USD
  • With the aforementioned decline in US yields to session lows amid a confluence of headlines on US regional bank concerns, the greenback is notably weaker, with the USD index slipping into negative territory on the day and eating into the post Fed presser advance.
  • Sensitivity to core rates continues to feed through to USDJPY volatility, with the pair briefly making a new marginal low to the post-fed print of 146.01 on Wednesday. Very brief dealing below 146.00 has been followed by a 20-pip bounce in recent minutes.
  • Moving average studies have recently crossed and are in a bull-mode set-up for USDJPY, reinforcing the current bullish trend condition. Key short-term support has been defined at 144.36, the Jan 12 low. A break would signal a top.
  • Elsewhere, the EURUSD is also rising 0.35% to 1.0850, however, the trepidation in equity markets is causing the Australian dollar to underperform, remaining 0.10% lower against the dollar despite the broad greenback weakness.
  • From a trend perspective, a bearish theme in AUDUSD continues to dominate and the latest pause appears to be a flag formation - a bearish continuation pattern. A resumption of weakness would open 0.6500, a Fibonacci retracement and the next objective.
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