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Greenback Rally Extends, AUD Plummets To Fresh Two-Year Low

FOREX
  • A volatile start to the week for FX markets has been underpinned by continued US Dollar demand as a sense of risk-off permeates across global markets.
  • The USD Index has advanced just shy of 1% from Friday’s close, rising to fresh multi-decade highs above the 108.00 mark.
  • With risk under pressure once more, AUDUSD finds itself at the bottom of the G10 pile, having plummeted 1.6%. The notably strong sell-off today has resulted in a breach of support at 0.6762, the Jul 5 / 6 low and 0.6759, 50.0% of the Mar ‘20 - Feb ‘21 bull cycle. The break lower confirms a resumption of the technical downtrend and sets the scene for a move towards 0.6685, the Mar 9, 2020 high. On the upside, initial firm resistance is now seen at 0.6874, the 20-day EMA.
  • Similarly, NZD and GBP are registering losses greater than 1%, along with the single currency, which now finds itself within striking distance of parity against the greenback as anxieties surrounding European gas supplies continue to mount.
  • EURUSD printed a fresh cycle low of 1.0053 and overall trend conditions remain bearish. Weakness last week resulted in a break of 1.0350, May 13 low, to confirm a resumption of the primary downtrend. The move lower also highlights an acceleration of the bear cycle. The technical focus is on 1.0009, the base of a channel drawn from the Feb 10 high, just ahead of parity.
  • Additionally, the Japanese Yen showed few signs of halting its steep downtrend as USDJPY surged above 137 to peak at 137.75, continuing to reach the highest levels seen since 1998.
  • Another light day for economic data on Tuesday with German ZEW Economic Sentiment highlighting the European docket. Wednesday remains in focus with rate decisions from both the RBNZ and BOC but also US June inflation readings.
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