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AUD/USD extended its previous month’s gains, rising +2.7% in April. The rise in the rate was a reflection of renewed risk appetite in the currency market, mixed economic data out of Australia and generally weaker U.S. economic numbers. While the U.S. stock market hit new all-time highs last month, the precious metals market and other key commodities sold off sharply, weighing on the rate to a degree.
AUD/USD traded up to 1.0582 on April 10th, after breaking up through notable resistance at 1.0497 earlier in the month. The rate then traded sharply lower before finding support in the 1.0221/41 region later in April and into early May.
AUD/EUR reversed direction last month, dropping by -4 percent in April. The weakness in the rate was in part due to improving sentiment and economic numbers in Europe, combined with mixed data out of Australia. News from Europe on the IMF/EU/ECB bailout of Greece combined with falling bond yields in Spanish and Italian bonds were also in part responsible for the decline in the rate. In addition, economic data out of Australia and a sharp drop in precious metals prices put significant pressure on the Aussie.
After AUD/EUR hit its historic 0.8616 high in August 2012, the cross has since been trading mostly lower. April was no exception after twin peaks were seen in the 0.8181/82 region in late March and early April. Once the cross traded below intervening neckline support at 0.8099 on April 4th, it then fell sharply. AUD/EUR initially found support at the 0.7957 and 0.7825 levels, before stabilising above support at 0.7757, touched briefly on May 2nd.
GBP/AUD reversed direction, trading higher in April. The cross gained +2.7% overall for the month and was primarily due to optimism in the UK and mixed economic data out of Australia. In addition to the mixed data, the Aussie was further pressured by a sharp drop in precious metals prices and other commodities.
After making a fresh historic low of 1.4381 in March, GBP/AUD rallied correctively during most of April and into early May in a series of sharp upwards moves. During that period, the cross rose as high as the 1.5235 level before taking a breather to consolidate.