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A$ Climbs, Testing Resistance

AUD

AUDUSD traded higher on Tuesday and is currently around 0.6826, the highest since mid-July. The move was partially driven by a weaker greenback with the USD down 0.2% since Friday’s close. Data at the end of the week showed US core PCE inflation lower than expected.

  • AUDUSD is hovering around initial resistance at 0.6825, December 22 high, and a clear break would open 0.6847, July 20 high. The pair remains in a bullish trend. Initial support is at 0.6779, December 21 low.
  • AUDNZD fell below 1.08 and is down 0.1% since Friday’s close at 1.0786. AUDJPY is 0.4% higher at 97.22. AUDEUR is up 0.1% to 0.6182 and AUDGBP is +0.2% to 0.5364.
  • US equity markets rallied following the Christmas break with the S&P up 0.4% and the Nasdaq +0.6%. Oil prices are also higher with the WTI up 2.1% to $75.13/bbl. Copper prices are down 0.1% and iron ore is around $139/t.
  • With many still on holiday and no data or events scheduled, trading is likely to be thin.
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