DXY is still trending up but it’s a struggle.
AUD is chopping wood for now.
CNY is stalled.
Oil and gold meh.
Metals meh.
Miners bear.
EM still OK.
Junk too.
Yields rose.
Stocks eased.
No news from the Alaska summit.
Societe General has a snapshot of AUD technicals.
AUD/USD: UP MOVE LIKELY TO EXTEND TOWARDS 0.6620/0.6685
AUD/USD has staged a gradual rebound after establishing a significant low near 0.5910 in April.
The pair has now positioned itself above the 200-day moving average, signaling a renewed upward momentum.
Notably, the slope of the 200DMA has flattened from its previous downward trajectory, indicating a reduction in bearish pressure.
The June lowa t0 .6385/0.6370 serves as a key support level; maintaining this zone could facilitate a continued upward move.
The July high a t0.6625 and projections of 0.6685 are the next objectives.
Maybe. My own view is that the Fed will push back on a September cut when Jay Powell speaks on Friday.
The market has a 96% chance of the cut priced in.
With services inflation rebounding and goods not yet accounting for the full tariffs, this is grossly optimistic.
The Fed needs ot hose it off.
This is a short-term downside risk for AUD.
