Forex: AUD/USD eases to 1.0219/21

FXstreet.com (Barcelona) - The AUD/USD shot up overnight following what was a highly optimistic data release for Australia. However, the European session has been classified by retracement for the pair, leading to a general easing off intraday highs (1.0256) back to 1.0219/21 in these moments. Despite this easing however, the cross is still securing an advance of +0.51% above its opening.

According to Callow, “With AUD/USD proving quite resilient after the RBA rate cut and the jobs data surprisingly strong, some squaring up seems likely near-term, leaving us neutral on the week.” The high 1.0300s remain very tough resistance, with a re-test of 1.0115/50 more likely on the week in choppy trade. Copper’s 3-month highs and steadying iron ore combine with global equity optimism to help AUD/USD avoid sizeable losses on the threat of further RBA easing.

Consistent with the calculations of the Mataf.net Technical Analyst Team, the AUD/USD is slated to face short-term resistance at 1.0236, followed by 1.0264. On the decline, a break below 1.0158 will trigger short-term supports for the USD/CAD at 1.0130, ahead of 1.0105.