AUSSIE 3-YEAR TECHS: (M5) Within Range of Highs

Aussie was part of a group of G10 currencies that were stronger against the greenback that also included CAD. Growing expectations of targeted tariffs on April 2 with the possibility of delays for autos and pharma boosted US equities and helped risk sensitive AUD. AUDUSD is up 0.2% to 0.6286 after briefly breaking above 0.6300 to a high of 0.6305. The USD index was supported by a better-than-expected services PMI leaving BBDXY moderately higher.

• There is a short-term bullish theme in AUDUSD with a break of key support at 0.6187 needed for the bear threat to resume. Initial support is at 0.6258, 21 March low. First resistance is 0.6391 and the bull trigger is at 0.6409, 21 February high.
• The yen underperformed on Monday as US yields and equities rose. This left AUDJPY up 1.2% to 94.71, the highest since March 19.
• With NZDUSD lower, AUDNZD is up 0.3% to 1.0974 after a high of 1.0989. AUDEUR rose 0.4% to 0.5819 following a peak of 0.5825, the strongest since 20 March. AUDGBP recovered from its 0.4854 intraday low to be up 0.2% to 0.4873.
• Equities were mixed with the S&P up 1.8% but Euro stoxx down 0.2%. Oil prices were stronger with Brent +1.3% to $73.10/bbl. Copper fell 0.6% and iron ore is around $102/t.
• RBA Assistant Governor (Financial System) Jones participates in a fireside chat at 1010 AEDT at the Australian Payments Plus Beyond Tomorrow event. The FY26 budget is presented around 1930 AEDT.