Antipodean Currencies Slide: Weak Start for AUD and NZD

Hello Traders, welcome on Tuesday. Today’s calendar is also empty, and we don’t have any tier 1 data being published, much like yesterday. We only had the monetary policy meeting minutes from Australia, but they came without any significant influence on the market.

Now, let’s look at what’s happening on the charts. Starting with indices, futures are currently on the red side. Yesterday was a mixed day, but in general, American indices dropped while European indices showed some positivity. For example, FTSE is approaching a key breakout, as the price has been trading within a symmetric triangle pattern since the beginning of September. The resistance and support levels are narrowing, and we are awaiting a breakout from this pattern.

Moving on to commodities, we are seeing a correction on precious metals, with a larger pullback on silver compared to gold. Platinum and palladium are also down, along with copper, indicating a broad bearish correction in the metals market. As for oil, it had an amazing start to the week, but Tuesday has brought a bearish correction.

Finally, looking at the currency market, things are relatively stable. The biggest drops can be seen on the Australian dollar and New Zealand dollar, indicating a rough start to the week for these currencies. The U.S. dollar is showing some strength, though it’s not extremely significant in comparison to the magnitude of last week’s non-farm payrolls data. There are no major movements on the currency market, except for the notable weakness of the antipodean currencies. Let’s see how the market develops today.

Source: https://www.axiory.com/analytics/market-news/antipodean-currencies-slide-weak-start-for-aud-and