Daily Outlook

AUD Trading

Under pressure yesterday in the Asian session the AUD/USD hit lows at 0.7410 before rallying back above 0.7500 in a strong sign of resilience.

AUD/NZD finally moved above 1.0500 as the Australian Dollar rebounded broadly across the board last night.

With Oil Rebounding 2% overnight and PM Turnbull looking set to win the election, the AUD is on the front foot for the coming session.

GBP Trading

GBP/USD crashed through 1.3000 to hit 1.2800 lows in Asia before stabilizing and rebounding but expectations are for further losses to 1.25 in coming days.

Some negative Brexit reaction have surfaced with 6 UK property funds freezing redemptions in recent days.

NZD Trading

NZD is biased down in the short term on global factors. If the RBNZ this evening announce aggressive macroprudential measures this could also be seen as clearing the path for a rate cut, with NZD implications.

NZ RBNZ Deputy Governor Spencer speaks on housing 17:30 NZT 3:30 Sydney Time

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GBP/USD Intraday: under pressure. Pivot: 1.3000 Our preference: short positions below 1.3000 with targets @ 1.2790 & 1.2700 in extension. Alternative scenario: above 1.3000 look for further upside with 1.3125 & 1.3190 as targets. Comment: as long as 1.3000 is resistance, look for choppy price action with a bearish bias. Supports and resistances: 1.3190 ** 1.3125 * 1.3000 *** 1.2934 Last 1.2790 * 1.2700 * 1.2630 *

Ticker : GBP

NZD/USD Intraday: the upside prevails. Pivot: 0.7105 Our preference: long positions above 0.7105 with targets @ 0.7155 & 0.7185 in extension. Alternative scenario: below 0.7105 look for further downside with 0.7075 & 0.7040 as targets. Comment: the RSI shows upside momentum. Supports and resistances: 0.7220 * 0.7185 ** 0.7155 *** 0.7145 Last 0.7105 *** 0.7075 ** 0.7040 **

Ticker : NZD