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Holding Close To Recent Highs Amid Positive Technical Backdrop

AUD

AUD/USD currently tracks near 0.6560, down slightly from Thursday highs at 0.6575. We rose 0.25% for the session, slightly shaded by NZD and GBP gains in terms of relative G10 performance. The broader USD index was down slightly (BBDXY off -0.12%), in holiday impacted trade, with the A$ firming modestly against the yen.

  • Much like the NZD, AUD/USD hasn't been able to sustain breaks above its 200-day EMA (0.6566) so far this week. The technical set up looks positive though, with a clear break above previous resistance at 0.6522 (Aug/Sep 1 high). On the downside, initial firm support is at 0.6436, the 50-day EMA.
  • Risk appetite was modestly firmer in UK/EU trade on Thursday, as solid PMI updates helped FX and equity sentiment. This likely aided the AUD at the margins.
  • In the commodity space, iron ore sits off recent highs, following China's regulator jawboning yesterday. We were last at $132/ton. Recent highs rest at $135/ton. Yesterday's dip didn't impact A$ sentiment materially though.
  • Copper was slightly higher and sits just below recent highs (near $382 (CMX)).
  • The local data calendar is empty today, with next Tuesday delivering the retail sales print for Oct.
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