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AUD

Opposing forces moved AUD/USD Thursday, with the rate charting a virtual Doji candlestick at the end of the day. Weakness in U.S. tech equities dragged the pair lower in early trade, but a hawkish pivot in ECB post-MonPol rhetoric inspired a round of USD sales. AUD/USD struggled to cling onto post-ECB gains and eased off towards neutral levels.

  • The rate last changes hands at $0.7144, hovering just above neutral levels. A break above yesterday's peak at $0.7168 would draw attention to Jan 20 high of $0.7277. Bears need a dip through Feb 1 low of $0.6968 before taking aim at Jan 28, 2021/Jul 16, 2020 lows of $0.6968/63.
  • The RBA will publish their quarterly Statement on Monetary Policy later today. Note that the Bank's key economic forecasts have already been pre-announced this week via the RBA statement & Gov Lowe's address.
  • Looking further afield, retail sales & ANZ job ads will hit the wires Monday, NAB Business Confidence will be out Tuesday, while Westpac Consumer Confidence will be released Wednesday.
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