• Range trading remains the dominant theme for AUD, with spot oscillating around the 100-day MA at 0.7058

• The 0.7075 area has been retested but continues to cap topside momentum for now

• A clean break above resistance would improve the technical picture, likely opens up a run for 0.7200

• Initial support is located at 0.7050, followed by the psychologically important 0.7000 level

• Low-vol backdrop supportive of carry demand, which should continue to underpin AUD vs low-yielding FX like CHF

• U.S. retail sales is the main near-term event risk, although the release is unlikely to materially alter the broader FX picture

• In turn, tight ranges and a lack of sustained directional momentum are likely to remain the prevailing conditions for AUD/USD
AUDUSD daily


Justin McQueen is a Reuters market analyst. (The views expressed are his own). ((Email: ))