Free Trial
USDCAD TECHS

Consolidation Mode But Remains Bearish

AUDUSD TECHS

Fails To Hold Onto Thursday’s High

US

'Big Tech' Bill Goes To Senate

COMMODITIES

Oil Up For Fifth Week On Supply Disruption, Geopolitics

Real-time Actionable Insight

Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.

Free Access
Sign up now for free access to this content.

Please enter your details below and select your areas of interest.

The broader USD gyrations and uptick in equity indices ultimately drove AUD/USD price action on Monday, with the rate lodging a marginal uptick after Friday’s sell off, benefitting from Fed’ Chair Powell’s cautious rhetoric ahead of the NY close.

  • The rate last deals little changed at $0.7145. Our technical analyst notes that AUD/USD remains soft after its slide accelerated Friday. Last week's price action resulted in a break of the base of its bull channel drawn from the Aug 20 low. Furthermore, support at the Sep 29 low has been cleared, reinforcing bearish conditions. Moving average signals have also recently shifted to bear mode, underscoring the bearish theme. This has exposed key support at the Aug 20 low ($0.7106). Initial resistance is seen at the Nov 24 high ($0.7228).
  • Q3 GDP partial data headlines the local economic docket on Tuesday (ahead of Wednesday’s GDP print), with current a/c data due. Elsewhere, building approvals and private sector credit will hit. Comments from RBA Deputy Governor Debelle, on the “The Indigenous Economy in Australia and the Reserve Bank of Australia,” failed to provide anything in the way of meaningful interest for markets. Debelle will also speak in the Sydney afternoon (02:00 London/13:00 Sydney), as he gives a fireside chat at the Australia Conference.