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Still In A Bear Cycle


Summary: USDBRL Extends Losses To Near 2%


Needle Still Points North


Focus on Midweek BoC, ECB Policy Announcements


EUR Crosses Come Under Pressure As ECB Beckons

AUSSIE: The Aussie has had little to trade off in the first session of the week,
with tomorrow's domestic CPI release headlining the upcoming risk events. AUDUSD
last trades at 0.7670, with AUDNZD trading at 1.0645.
- As a reminder Wednesday represents ANZAC day, so expect AUD liquidity to be
diminished on Wednesday.
- AUDUSD's 200-DMA capped the pair last week with the sell-offs on Thursday &
Friday returning pressure to the 100-WMA (0.7645) & long term bull channel base
off 2016 lows (0.7603). Bears need a weekly close below the channel base to
shift focus lower. Bulls continue to look for a close above the low from April
12 (0.7735) to ease bearish pressure.
- AUDNZD's bounce from recent 2018 & 9mth lows confirmed the significance of the
long term rising daily trend line off 2015 lows (1.0477 today) with bulls now
needing a close above the 55-DMA (1.0678) to shift focus higher. Bears continue
to look for a close below the high from April 17 (1.0601) to ease bullish
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |