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Reverses Early Losses

AUD

AUD has reversed early losses and has moved into positive territory, leaving its Antipodean cousin NZD in its wake. AUD/USD last up 19 pips at 0.7327 having taken out the 50-day EMA at 0.7325, next resistance seen at 0.7410 high Sep 10. Commodity prices continue to rise, with coal futures last up some 6.60% after heavy rains led to flooding and closures at in Chinese mines. Floods have now closed 60 of 682 coal mines in Shanxi province according to Bloomberg, pushing thermal coal futures to record highs.

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