AUD - Australian Dollar

The Australian dollar is currently trading this morning around the 0.6900 level after falling at the beginning of the week to a fresh weekly low of 0.6861. Yesterday the Aussie fell against the US dollar fell amid doubts about the US-China trade deal after the leaders of both economies delayed their next meeting to December. However overnight we saw Further optimism on an imminent US-China trade deal as comments from China’s side that China and the US had agreed in principle to remove some of the punitive tariffs as part of a trade deal. On the release front yesterday the September Trade Balance posted a surplus of 7180M, as exports rose by 3.0% in the month, while imports also increased by 3.0%.

Looking ahead today and we will see the release of the Reserve bank of Australia’s statement on monetary policy which will contain new forecasts consistent with its on-hold policy decision earlier in the week. From a technical perspective, the AUD/USD pair is currently trading at 0.6901. We continue to expect support to hold on moves approaching 0.6885 while now any upward push will likely meet resistance around 0.6930.

Key Movers

Overnight we saw the Greenback climb to more than a five-month high against the safe-haven Japanese Yen as market expectations grew that the United States and China are inching closer to a trade deal. It was reported the two countries have agreed to roll back tariffs on each other’s’ goods as part of the first phase of a trade deal offering a new sign of progress despite the two sides’ ongoing divisions over trade. On the back of this announcement risk appetite sent the USD/JPY pair to 109.48 its highest since late May, consolidating gains above 109.30. The Japanese macroeconomic calendar will be quite busy this Friday, as the country will release September Labour Cash Earnings and Overall Household Spending. From a technical perspective, the USD/JPY pair is currently trading at 109.22. We continue to expect support to hold on moves approaching 109.30 while now any upward push will likely meet resistance around 109.60.

Expected Ranges

AUD/USD: 0.6800 - 0.7000 ▲

GBP/AUD: 1.8450 - 1.8650 ▼

AUD/NZD: 1.0750 - 1.0950 ▲

AUD/EUR: 0.6150 - 0.6350 ▲

AUD/CAD: 0.9000 - 0.9200 ▲

IMPORTANT: This information has been prepared for distribution over the internet and without taking into account the investment objectives, financial situation and particular needs of any particular person. Oz Forex Foreign Exchange makes no recommendations as to the merits of any financial product referred to in this website, emails or its related websites. Please read our Product Disclosure Statement and our Financial Services Guide.

Regulated in Australia by ASIC (AFS Licence number 226 484)
© 2010 Copyright Oz Forex Foreign Exchange Pty Ltd ABN 65 092-375-703
OzForex Foreign Exchange Services

Member of FOS (Financial Ombudsman Service)
Full Member of AFMA (Australian Financial Markets Association)

Analysis feed

Latest Forex Analysis

Editors’ Picks

GBP/USD soars past 1.2900 as Farage gives additional boost to Conservatives

GBP/USD has leaped above 1.29, the highest since early November, as the Brexit Party has failed to field candidates in 43 additional seats, facilitating a victory for PM Boris Johnson.


EUR/USD advances 1.10 amid upbeat trade headlines, after mixed US retail sales

EUR/USD is trading closer to 1.1050, up on the day. US Commerce Secretary Ross has expressed optimism about reaching a deal with China. The Retail Sales Control Group met expectations with 0.3%.


USD/JPY clings to gains near session tops, around 108.70 post-US data

The USD/JPY pair maintained its strong bid tone near session tops and had a rather muted reaction to the mixed US economic data.


US Dollar Index challenges weekly lows near 98.00

The US Dollar Index (DXY), which gauges the buck vs. a bundle of its main rivals, is now accelerating the downside and threatens to test the key support at 98.00 the figure.

US Dollar Index News

Trump Impeachment: Markets will not like any replacement

The public phase of the impeachment hearings against President Donald Trump has kicked off, with the US public and parties divided more than ever. How does it affect markets?

Read more

Forex Majors