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(M2) Correction Extends

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Late Session Rebound

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(M2) Corrective Cycle Remains In Play

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(M2) Gains Still Considered Corrective

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Recovers Lost Ground

AUD

A weaker than expected jobs number saw the greenback weaken which helped AUD/USD reclaim its losses from earlier this week. The pair rose from around 0.7660 to highs of 0.7745, last flat on the session at 0.7739.

  • Melbourne continues its lockdown which is scheduled to end on June 10 while wider Victoria relaxed some restrictions on Friday, Victoria reported 11 new coronavirus cases on Monday, up from two on Sunday.
  • From a technical perspective AUD/USD broke through key support at 0.7675 Thursday, before a post-payrolls bounce into the Friday close. The break lower signals the end of the recent period of consolidation that has been in place since mid-April. A stronger sell-off would open 0.7586, the Apr 13 low and would also expose 0.7532, Apr 1 low and a key support. Initial resistance has been defined at 0.7773, Jun 2 high ahead of 0.7813, May 18 high. A break of the latter would ease any developing bearish pressure.
  • A fairly quiet economic docket with ANZ job ads data and the latest round of scheduled RBA ACGB purchases headlining locally on Monday. Markets will also watch Chinese trade data due later in the session which could have an effect on AUD.

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