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Familiar Price Action

AUD

Price action on Tuesday mirrored Monday, AUD/USD dropped to session lows around 0.7710 before rebounding into the US close, and finishing the session broadly flat. AUD/USD last at 0.7745.

  • Iron ore is slightly lower in early Asia trade, but finished the session on Tuesday with a gain which helped AUD recover its earlier losses.
  • On the coronavirus front, Australian PM Morrison has said that the the outbreak in Papua New Guinea is a great concern to Australia, all flights between the two countries have been suspended.
  • An aide to US President Biden said in an interview that the US would not just stand by and watch "economic coercion" of Australia by China. The comments come days after the leaders of Australia, India, Japan and the US promised to uphold regional security.
  • From a technical perspective last week's AUD/USD gains stalled at 0.7800. The broader outlook is bearish following the sharp sell-off between Feb 29 - Mar 9. Furthermore, the breach on May 5 of 0.7693, Feb 26 low reinforces the current short-term bearish theme, signalling scope for weakness towards 0.7564, Feb 2 low. Firm short-term resistance has been defined at 0.7838, high Mar 2 and 3. A break would alter the picture, allowing for a stronger recovery.
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