The rumor of earlier reopening in China seemed to have overwhelmed other heavy weight events in the markets last week, including Fed's hawkish rate hike and non-farm payroll report. Late rally in stock markets helped commodity currencies secured the winning places, with New Zealand Dollar having an edge over Australian and Canadian.

On the other hand, Sterling ended as the worst performer, paring some of the Sunak-era gains, and weighed down by BoE dovish hike. Euro and Swiss Franc didn't perform much better, even though they did rebounded against the greenback. Dollar was mixed together with Yen, awaiting more guidance from risk sentiment ahead.

AUD/USD Weekly Outlook

AUD/USD was initially rejected by 0.6539 resistance and dipped to 0.6271 last week, but recovered notably since then. Initial bias is turned neutral this week first. On the upside, decisive break of 0.6521 resistance will now complete a head and shoulder bottom pattern (ls: 0.6362; h: 0.6169; rs: 0.6271). That would also come with sustained trading above 55 day EMA (now at 0.6533). Near term outlook will then be turned bullish for 0.6680/7315 resistance zone next. On the downside, however, break of 0.6271 will bring retest of 0.6169 low instead.

EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD

EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY

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