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AUSSIE: Renewed appetite for riskier FX allowed AUD/USD to recoil late Thursday,
after plunging in Asia hours in reaction to a weak Australian jobs report.
Firmer oil prices and a recovery in U.S. equity markets, led by the financial
sector, pushed the rate slightly above neutral levels, even as U.S.-China
tensions continued to provide a source of worry.
- AUD/USD trades flat at $0.6463. A break above the 100-DMA at $0.6517 would
expose Apr 30 high of $0.6570, a key resistance. Bears look for a drop below May
14 low/50-EMA/round figure at $0.6404/01/00 before targeting May 4 low of
$0.6373, the key near-term support.
- Australia's data docket is empty today, which shifts focus to China and a slew
of its monthly economic indicators.
MNI London Bureau | +44 203-865-3806 |