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Recovers On Weaker Greenback

AUD

A weaker US dollar sent AUD/USD to the highest levels since Jan 8 in the US session, the US dollar reversing 3-days of gains after strong demand at the 10-year auction. AUD/USD last flat on the session, holding near yesterday's high at 0.7771.

  • AUD/NZD has seen much more muted trade, last down 7 pips at 1.0757, and within 12 pips of that start of Asia yesterday.
  • There could be some headwinds for AUD as tensions with China resurface. China has accused Australia of "weaponising the concept of ­national security" after a $300m bid by a Chinese state-owned company to buy a ­construction company was shut down according to AFR.
  • AUD/USD traded to a fresh high last week of 0.7820 but has since retraced and traded lower again Monday. The pullback is considered a correction. Support levels to watch are located at 0.7647/43, the 20-day EMA and Jan 4 low. A break of this support zone would signal scope for a deeper retracement, initially towards 0.7603, Dec 30 low. On the upside, and with the uptrend still intact, a breach of 0.7820 would resume the trend.
  • Another quiet domestic docket; Australia Nov Job Vacancies are released at 0030GMT/1130AEDT.
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