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Round Trip

AUSSIE

AUD/USD round tripped from its intraday high of $0.7345 on Wednesday, driven by broader cross-currents. A continued rally in the yuan dragged the rate higher, before it turned its tail as Fed Chair Powell described the settings of the Fed's QE programme as appropriate. The rate finished the day just a handful of pips above neutral levels.

  • The rate sits -3 pips at $0.7303 as we type. Topside focus falls on Wednesday's high of $0.7345 and a break here would draw attention to the 76.4% retracement of the Sep 1 - 9 sell-off at $0.7414. On the flip side, bears need a fall through Sep 10 low of $0.7248 to expose a key near-term support at $0.7192, the low of Sep 9.
  • All eyes are on Australia's labour market report today.
MNI London Bureau | +44 203-865-3806 | krzysztof.kruk@marketnews.com
MNI London Bureau | +44 203-865-3806 | krzysztof.kruk@marketnews.com

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