AUDUSD Can’t Hold Above 67c, Uptrend Remains Intact Though

AUDUSD jumped to a high of 0.6729 following the weaker-than-expected US PPI data on Friday but it was unable to hold above 67c and while still one of the better performers in the G10, it closed flat on the day at 0.6687. It has started the week around this level. The USD index finished up 0.1%.

• AUDUSD is in consolidation mode but directional signals and moving average studies continue to point to an uptrend. Trendline support is at 0.6621, and is an important support. Key resistance remains at 0.6871, December 28 high.
• Aussie is 0.2% lower against the yen at 96.93, close to Friday’s late low. AUDNZD is down 0.2% to 1.0704 and held just above 1.07 late in the NY session. AUDEUR is up 0.2% to 0.6105 and AUDGBP +0.1% to 0.5244.
• Equity markets were generally stronger with the S&P up 0.1% and the Euro stoxx +0.9%. Oil prices were over a percent higher with Brent closing at around $78.30/bbl. LME metal prices fell 0.3% on Friday to be down 1.1% on the week. Iron ore is around $134/t.
• There is December Melbourne Institute inflation, ANZ job ads and CBA household spending in Australia today. US equities are shut today for the Martin Luther King holiday and Globex FI futures have shortened trading hours.