OzForex Research
OzForex Foreign Exchange
AUD - Australian Dollar
The Australian dollar ending the overnight session little changed at around 0.6860, after reaching a session high of 0.6883. On the local release front yesterday the Australian Westpac consumer confidence index fell 1.7% on a monthly basis in September, after gaining 3.6% in the previous month. Looking ahead today and we will see the release of September Consumer Expectations, previously at 3.5%, and Investment Lending for Homes for July. There are no scheduled releases for Friday.
From a technical perspective, the AUD/USD pair is currently trading at 0.6861 We continue to expect support to hold on moves approaching 0.6830 while now any upward push will likely meet resistance around 0.6884.
Key Movers
Key driver overnight the Great British Pound was trading just below a six-week high against the U.S dollar holding above the 1.2300 figure, as investors assessed the chances Prime Minister Boris Johnson can strike a Brexit deal with the European Union before Oct. 31. The UK didn’t release any macroeconomic figures yesterday, but as usual, all attentions were coming from the Brexit front. Looking ahead tonight and the market is likely to remain in a holding pattern ahead of the eagerly awaited European Central Bank meeting tonight at which the central bank is universally expected to announce new easing measures.
From a technical perspective, the GBP/USD pair is currently trading at 1.2327. We continue to expect support to hold on moves approaching 1.2311 while now any upward push will likely meet resistance around 1.2369.
Expected Ranges
AUD/USD: 0.6750 - 0.6950 ▲
GBP/AUD: 1.7850 - 1.8050 ▼
AUD/NZD: 1.0600 - 1.0800 ▲
AUD/EUR: 0.6150 - 0.6350 ▲
AUD/CAD: 0.8950 - 0.9150 ▲
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