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Tuesday Sees Multi-Month Highs

AUD

AUD/USD traded with a clear bullish bias Tuesday as its 50-DMA crossed above the 100-DMA, while the global bond sell-off boosted appetite for riskier assets. The rate cleared resistance from Mar 7 high of $0.7441 on its way to fresh multi-month highs.

  • When this is being typed, AUD/USD operates -5 pips at $0.7465. Bulls look for renewed gains past Nov 2, 2021 high of $0.7532 towards Oct 28, 2021 high of $0.7556. Bears see Mar 15 low of $0.7165 as their initial target.
  • Note that late on Tuesday the AFR reported that "next week's federal budget will contain measures to deal directly with high petrol prices - either through a temporary reduction in the fuel excise or a freeze on its indexed increases."
  • Australia's preliminary S&P Global PMIs will hit the wires tomorrow.
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