AudUsd has drifted lower on the back of Dudley’s comments and currently sits at 0.7600 after having found support at 0.7585.
While the daily momentum indicators are pointing higher, the short term momentum indicators look a little heavy and for the current session we could see a retest of the 9.7585 area, below which would then open up last Friday’s low of 0.7575 and the 100 DMA at 0.7560, which should be good support if we get there. Below there could see a run to 0.7525/35 although I am doubtful that we see it down here today.
On the topside, resistance will be seen at the trend highs at around 0.7630/35; beyond which would find offers at 0.7645/50, and further gains could potentially test the descending trend resistance levels seen at 0.7695 and eventually at 0.7725.
The House Price Index and the RBA Minutes will provide the momentum today. The outlook is mixed and a cautious stance is required.
Economic data highlights will include:
House Price Index (Q1), RBA Minutes
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