AUDUSD Finds Support at 71c

AUDUSD is off of its Friday high of 0.7130 and has started the session around 0.7100. It has already dipped below there but found support at that level. AUD was a mid-range performer in the G10 on Friday. The USD was slightly higher.

• The break through of resistance at 0.7063 has confirmed the resumption of the uptrend and sequence of higher highs and higher lows. The next level to watch is 0.7172. Initial support is 0.6994, the November 24 low.
• AUDNZD has already spiked to 1.0970 but is now trading close to Friday’s close at 1.0935/1.0965. AUDJPY has started the week lower at 92.14. AUDEUR is down to 0.6533.
• Equity markets were slightly positive on Friday with the S&P 500 up 0.25% and the Eurostoxx +0.1%. The VIX finished lower at 18.5%. WTI crude ended the week down and is now trading below $80/bbl again on profit taking. It is currently around $79.38. LME metals prices were down 1.1% to be up only slightly on the week. Iron ore is holding above $125/t at $126.60.
• A quiet day in Australia as no data scheduled. Tomorrow retail sales for December print and are expected to drop slightly after the November surge.