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MNI EXCLUSIVE

China Onshore Dollar Debt Issues Surge Amid USD Glut

EQUITIES

Mixed After Return From Holiday

FOREX

AUD Softens, USD Crosses Rangebound

OIL

Flat For Second Day

JGBS AUCTION

Japanese MOF sells Y2.7762tn 6-Month Bills:

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  • RES 4: 0.8007 High Feb 25
  • RES 3: 0.7891/95 High May 10 / 76.4% of the Feb 25 - Apr 1 sell-off
  • RES 2: 0.7813/46 High May 18 / High May 12
  • RES 1: 0.7773 High Jun 2
  • PRICE: 0.7694 @ 16:37 BST Jun 11
  • SUP 1: 0.7646 Low Jun 3
  • SUP 2: 0.7635 Low Apr 14
  • SUP 3: 0.7586 Low Apr 13
  • SUP 4: 0.7544 200-dma

AUDUSD remains weaker inside the recent range. The pair broke through 0.7675 on Jun 3 but immediately reversed the sharp move lower. Last week's break lower however does signal the end of the recent broader consolidation since mid-April. A resumption of weakness would open 0.7586, Apr 13 low and 0.7532, Apr 1 low and key support. Initial resistance is at 0.7773, Jun 2 high and 0.7813, May 18 high. A break of the latter would ease bearish pressure.