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Losing Steam

AUD

AUD/USD extended gains Wednesday, but its three-day rally lost some steam around $0.7160. The address from RBA Gov Lowe failed to elicit much volatility, as the official signalled that interest rates could rise this year, while reaffirming the Bank's patient stance.

  • The rate has shed a handful of pips this morning, as a disappointing earnings report from Facebook has weighed on NASDAQ 100 e-mini futures.
  • When this is being typed, AUD/USD trades -8 pips at $0.7128. A retreat under Feb 1 low of $0.7034 would bring Jan 28, 2021/Jul 16, 2020 lows of $0.6968/63 into play. Bulls look to a move through Jan 20 high of $0.7277.
  • The final reading of Australia's January Markit Services PMI was revised higher to 46.6 from 45.0.
  • Building approvals, trade balance & NAB Business Confidence will take focus later in the day, with the RBA's quarterly SoMP coming up Friday.
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