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Near 2021 Lows

AUD

The greenback continued its move higher on Friday which put AUD/USD under further pressure, the pair dropping to lows not seen since December 2020. The pair hit loves of .07476 into the close on Friday, but has seen a bounce so far on Monday, last up 23 pips at 0.7502.

  • On the trade front Australia has filed a complaint to the WTO over China's tariff's on Australian wine as tensions between the two linger. Australian Foreign Minister Payne said "What lodging the dispute enables us to do is begin dispute consultation settlements, which actually is a bilateral discussion with China about the issues".
  • From a technical perspective AUD/USD remains under pressure registering fresh lows again Friday. The pair has traded below key support at 0.7532 Apr 1 low and price has also breached the 200-dma. The move lower confirms a resumption of the reversal that occurred Feb 25 and signals scope for a deeper pullback towards 0.7462, the Dec 21, 2020 low. On the upside, initial resistance is at 0.7561, Friday's intraday high.
  • The highlight on the economic docket today is preliminary May retail sales due at 0230BST/1130AEST.
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