AUDUSD Higher But 70c Providing Resistance

AUD was one of the better G10 performers against the USD, but still underperformed NZD and GBP. AUDUSD trended higher during the northern hemisphere session after reaching a low of 0.693. It is now trading around 0.6989, just below the intraday high of 0.6997. DXY is up 0.2%.

• AUDUSD appears to be struggling to break through 0.7000 again and initial resistance lies at the January 16 high of 0.7019. The bullish trend remains in place. Key support is at 0.6688, the January 3 low.
• Aussie is 0.3% weaker against the kiwi at around 1.087. It is a bit stronger against the yen at 89.55. AUDEUR is up 0.8% to 0.6477 after a report suggested that the ECB is considering a slowdown in tightening. But AUDGBP is down to 0.5688.
• Equity markets were mixed with the S&P 500 down 0.2% and the NASDAQ up 0.1% and the Eurostoxx +0.4% but the FTSE -0.1%. The VIX finished at 19.4%. WTI oil prices rose 1.5% to around $81.00/bbl, buoyed by better-than-expected December Chinese data. Iron ore was also boosted by the data and is now back above $120 at $121.85. Copper was also stronger up 0.4%.
• There isn’t any data in Australia today with the focus of the week being on Thursday’s employment report.