Asian Open Traders Are Their Least Bullish On AUD This Year
Friday’s weekly COT report (Commitment of Traders) revealed net-long exposure had fallen to its lowest level since December for the Australian dollar.
Share this:
AUD/USD
Range: 0.9867 – 0.9995
Support: 0.9820
Resistance: 1.0000
The Aussie Dollar soared after the RBA unexpectedly raised interest rates for the first time in 6 months, and hinted that further tightening is not far away. RBA governor Glen Stevens said the economy was now subject to a “large expansionary shock” on the back of the highest terms of trade since the early 1950s. Stevens concluded that the “risk of inflation rising over the medium (has) shifted to the point where an early, modest tightening of monetary policy was prudent”. His rhetoric suggested that there will be more to come in the near future.
EUR/USD
Range: 1.3882 – 1.3946
Support: 1.3865
Resistance: 1.4010
Beside the movements in the Aussie crosses, after the unexpected rate increase in Australia, the FX markets seem relatively quiet this morning. The market seems to be preparing itself for risk events such as US midterm legislation election, the Fed monetary policy meeting and the NFP’s taking place this week. EURUSD was dragged 30 pips higher on the jump in AUDUSD, currently trading around the 1.3935 area, slightly above its opening price. The final revision of German and Euro zone manufacturing PMI are due just before 9am this morning.
GBP/USD
Range: 1.6041 – 1.6076
Support: 1.6005
Resistance: 1.6105
Cable seems to be stuck! The currency has appreciated against its European and American neighbours, but the UK’s financial and economic health are under considerable scrutiny. The speculation surrounding policy is keeping the currency anchored. With the BoE expected to take a neutral outlook on future monetary policy, this could be considered relatively bullish given the very dovish outlook of the US.
Related tags:
Open an account in minutes
Experience award-winning platforms with fast and secure execution, and enjoy tight spreads from 0.5 pts on FX and 0.3 pts on indices.
Economic calendar
Web Trader platform
Our sophisticated web-based platform is packed with features.
Related articles
USD/MXN Forecast: Peso Loses Momentum Ahead of Banxico Decision
Over recent trading sessions, the Mexican peso has started to show signs of losing strength against the U.S. dollar. This can be seen in the performance of USD/MXN, which has gained more than 1.7% over the last three sessions, highlighting the dollar's renewed strength against the peso.
Euro Short-term Outlook: EUR/USD Selloff Nears Critical Yearly Support 9 23 2026
Euro has fallen seven of the past nine sessions, with stretched momentum raising the stakes as EUR/USD closes in on a major inflection zone.
GBP/USD forecast: US dollar surges as bonds implode
The US dollar continued to press higher deep into the European session, supported by the slump in the bond markets as yields broke out across the curve. Following the recent hawkish Fed rate hike, yield spreads between the US and the rest of the world has continually increased, and that motion continued today, helped in part by some forecast-beating US macro data and hawkish Fed commentary.
This report is intended for general circulation only. It should not be construed as a recommendation, or an offer (or solicitation of an offer) to buy or sell any financial products. The information provided does not take into account your specific investment objectives, financial situation or particular needs. Before you act on any recommendation that may be contained in this report, independent advice ought to be sought from a financial adviser regarding the suitability of the investment product, taking into account your specific investment objectives, financial situation or particular needs.
StoneX Financial Pte. Ltd., may distribute reports produced by its respective foreign entities or affiliates within the StoneX group of companies or third parties pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the report is distributed to a person in Singapore who is not an accredited investor, expert investor or an institutional investor (as defined in the Securities Futures Act), StoneX Financial Pte. Ltd. accepts legal responsibility to such persons for the contents of the report only to the extent required by law. Singapore recipients should contact StoneX Financial Pte. Ltd. at 6826 9988 for matters arising from, or in connection with the report.
In the case of all other recipients of this report, to the extent permitted by applicable laws and regulations neither StoneX Financial Pte. Ltd. nor its associated companies will be responsible or liable for any loss or damage incurred arising out of, or in connection with, any use of the information contained in this report and all such liability is hereby expressly disclaimed. No representation or warranty is made, express or implied, that the content of this report is complete or accurate.
StoneX Financial Pte. Ltd. is not under any obligation to update this report.
Trading CFDs carries a high level of risk that may not be suitable for some investors. Consider your investment objectives, level of experience, financial resources, risk appetite and other relevant circumstances carefully. The possibility exists that you could lose some or all of your investments, including your initial deposits. If in doubt, please seek independent expert advice. Visit www.forex.com/en-sg/terms-and-policies for the complete Risk Disclosure Statement.