AUD/USD consolidates recent gains around multi-day top, renews intraday low of late. Australia’s S&P Global Manufacturing PMI for May came in softer but Services PMIs rose past market consensus. Risk-on mood, hopes from new government previously favored bulls. US activity data, Fed’s Powell and headlines from Quad, as well as concerning China, will be important
Last week AUDJPY, AUDUSD, EURJPY, EURUSD, GBPJPY, and GBPUSD all finished positive for the week after a strong sell off the week before. EURUSD and GBPUSD rallied the strongest. Will the rally continue for a second week or was that a short relief rally within the longer-term downtrend? AUDJPY Daily chart: Monthly support at 86.24,