Support Still Evident Sub 0.6600

AUD/USD is firmer in the first part of trading today. The pair is back above 0.6600, around 0.40% higher versus NY closing levels from Friday. The currency was an underperformer through Friday's session, one of only two G10 currencies (the being the CAD) not to rally against the USD through the session.

• Broader USD sentiment is weaker in the first part of trade today, which is helping the AUD, as the market continues to digest SVB developments. The authorities appear to be working to contain the fallout, which may limit the negative spillover to broader risk appetite, although the situation remains fluid at this stage.
• The currency is still finding support sub 0.6600 but more broadly the technical backdrop for AUD/USD remains a headwind. We have to clear 0.6695 the Mar 1 low to see more traction on the upside. On the downside is the 0.6547 level, a Fib retracement level of the Oct-Feb bull cycle.
• The local data calendar is empty today, which will leave offshore sentiment/broader risk appetite in the driver's seat.