Snapshot: AUD/USD trades at 0.7151, up 0.50%, propelled by a 0.84% surge in copper prices. The RBA’s reluctance to commit to a cut path, citing uneven inflation progress, remains the dominant driver. US Advance GDP and Core PCE data at 08:30 ET are the session’s key risk event.
- Watch for resistance around 0.7167, the intraday high.
- Any hawkish surprises from the 08:30 ET US data could trigger a sharp AUD sell-off, given the crowded long positioning (87th percentile).
Bias into NY: Mildly bullish on AUD/USD, supported by the rise in copper and overall risk-on sentiment evident in European equities. However, the pair’s upside is capped by the RBA’s cautious stance and the upcoming US data; a break above 0.7167 would suggest further gains.