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Technicals Shift In Bullish Direction

AUD

AUDUSD rallied strongly overnight (+1.6%) as the USD weakened (DXY -1.1%). AUD and NZD outperformed the G10 driven by a strengthening of the Chinese Yuan.

  • AUDUSD started the session around 0.6400 but reached a peak of 0.6511. It is now trading just under 0.6500. It broke through the 0.6411 initial resistance and is now finding resistance around the 0.6500 level. It is a point above its 20-day EMA indicating that there has been a bullish shift in technicals. The next key resistance is the October 4 high of 0.6547.
  • AUDNZD peaked at 1.1176 overnight but has moderated to around 1.1125. The pair has been trending up this week. AUD lost some of its gains earlier in the session against JPY but is now rallying again to above 95.00.
  • US equity markets were mixed but Europe was broadly stronger (DAX +1.1%). VIX continued its downtrend and finished at 27.28%, it started the week around 31%.
  • Oil prices rose strongly with WTI rising to $87.91 and Brent to $95.92, breaking out of their ranges seen this week, driven by lower US yields and a weaker USD. Metals were also boosted with copper +4.2%. Iron ore remains subdued just above $86.
  • Only export and import prices for Q3 are released in Australia today. The next big events are retail sales on Monday and the RBA meeting on Tuesday. Tonight preliminary US Q3 GDP and September durable goods orders are published.
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