AUDUSD TECHS: Key Short-Term Resistance Remains Intact

Sep-18 20:10
  • RES 4: 0.6616 High Aug 16
  • RES 3: 0.6520 50-day EMA
  • RES 2: 0.6522 High Aug 30 and Sep 1 and the key resistance
  • RES 1: 0.6481 High Sep 4
  • PRICE: 0.6435 @ 20:51 BST Sep 18
  • SUP 1: 0.6357 Low Sep 6 and the bear trigger
  • SUP 2: 0.6287 2.00 proj of the Jun 16 - Jun 29 - Jul 13 price swing
  • SUP 3: 0.6272 Low Nov 3 2022 and a key support
  • SUP 4: 0.6215 2.236 proj of the Jun 16 - Jun 29 - Jul 13 price swing

The AUDUSD trend condition is unchanged and remains bearish - recent gains appear to be a correction. Key support and the bear trigger at 0.6365, the Aug 17 low, has recently been pierced. A clear break of this level would confirm a resumption of the downtrend and open 0.6272, the Nov 3 2022 low. Key short-term resistance has been defined at 0.6522, the Aug 30 and Sep 1 high. A break would signal a reversal.

Historical bullets

US TSYS: Markets Roundup: Rates Off Week Lows, Focus on Eco-Summit Next Week

Aug-18 19:28
  • US Rates are holding moderately firmer levels after the bell late Friday, inside a relatively narrow range following Thursday's sell-off to new contract lows. A quiet end to the week with no economic data Friday, or next Monday for that matter, or Fed speakers until next week.
  • Chicago Fed President Goolsbee returns with opening remarks at a Fed listens event on youth employment at 1430ET Tuesday, followed by a fireside chat with Gov Bowman at 1530ET Tuesday.
  • Markets eager for details on next week's KC Fed Economic Policy Symposium in Jackson Hole: ‘Structural Shifts in the Global Economy,’ from August 24 to August 26 (schedule/attendees list likely announced the evening of the 24th).
  • Treasury futures bounced off early session lows to new session highs in midmorning trade, shy of overnight highs with obvious headline or block/cross driver. Cross-market/asset: Bunds inched higher after the cash open in stocks, Gilts off session lows; West Texas crude climbed .88 to 81.27 while Gold recede -1.45 to 1887.99..
  • USD index held marginal negative territory. The Japanese Yen is the strongest performer in G10, with USDJPY slowly gravitating back towards session lows and the important pivotal support around 145.10.

US: Japan-ROK: Biden-Kishida-Yoon Joint Press Conference Underway Shortly

Aug-18 18:58

President Biden, South Korean President Yoon Suk Yeol, and Japanese Prime Minister Fumio Kishida are shortly due to conduct a joint press conference following the conclusion of their historic trilateral summit at Camp David, Maryland.

  • Livestream: Link
  • The Camp David summit is the first-ever tripartite meeting solely involving the three nations' leaders outside of the constraints of an international gathering and appears set to deliver President Biden one of his most significant foreign policy wins of his first term in the White House.
  • More information in today's edition of our US Daily Brief.
  • Summary of White House National Security Advisor Jake Sullivan's press preview of the summit: Link

STIR: BLOCK, Late SFRF'4/SFRM'5 SOFR Call Spread Spread

Aug-18 18:56
  • 20,000 SFRF4 95.12/95.62 call spds vs. SFRM5 96.75/97.25 call spds, 9.5 net SFRM5 over at 1432:35ET