AUD: AUD/USD Range Bound, More Focus On Crosses Amid Yen Gains, GBP Weakness

AUD/USD tracks near 0.6285 in early Friday dealings, little changed through Thursday's session. Dips to 0.6255 were support in Thursday trade. Recent highs at 0.6297 remain intact, and we are tracking up for the week. Broader USD sentiment was mixed for Thursday, as GDP fell post the BOE decision, while yen continued to outperform. The BBDXY index is down a touch last 1297. 

• Technically the trend structure for the A$ remains bearish. Monday’s cycle low (0.6088) confirmed a continuation of the downtrend and maintains the price sequence of lower lows and lower highs. A resumption of the bear leg would open 0.6045, a Fibonacci projection. Key resistance is at 0.6304, the 50-day EMA, and 0.6331, the Jan 24.
• AUD/JPY once again tested sub 95.00 but found support. We last tracked near 95.15/20. Monday lows at 94.62 remain intact. Yen was up over 0.70% for Thursday's session, amid hawkish BoJ rhetoric.
• AUD/GBP rose back above 0.5050, with recent highs just above 0.5100. A softer PMI for the UK economy, along with a moderately dovish BoE cut, saw GBP underperform.
• In the cross asset space, most global equity markets were firmer, although EU markets outperformed the US. US yields ticked higher, up around 2-3bps across the Tsy benchmarks. The Bloomberg aggregate commodity index was up slightly (+0.16%), the metals sub index gained a further 0.58%. Iron ore is above $106/ton, fresh highs back to Oct last year.
• The local data calendar just has Jan FX reserves on tap today.