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Equities Supporting A$, AUDNZD Weak Ahead Of RBNZ Meeting

AUD

Aussie was one of the better performers in the G10 supported by continued equity strength with little direction from data. AUDUSD rose 0.1% to 0.6564 with the high at 0.6581 but has started today down at 0.6558. The USD index was unchanged on Friday.

  • AUDUSD rose 0.4% last week with a high of 0.6595. Highs are being sold and any further sell offs would see the bearish trend resume, confirming the recovery is corrective. Initial support is at 0.6443, February 13 low, and key resistance at 0.6625, January 30 high.
  • AUDNZD traded most of Friday below 1.06 but did make a number of breaks above. Kiwi has outperformed ahead of Wednesday’s RBNZ meeting. AUDNZD is currently at 1.0589. AUDJPY is 0.1% higher at 98.81. AUDEUR up 0.1% to 0.6060 but AUDGBP -0.1% to 0.5171.
  • Equities were generally stronger with the S&P up slightly and the Euro stoxx up 0.4%. Oil prices fell sharply with Brent down 2.5% to $81.58/bbl. LME metal prices fell 0.1% on Friday but rose 0.5% over the week. Iron ore is down to $120/t.
  • There are no data or events in Australia today with January retail sales and CPI the highlights of the week.
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