AUDUSD In Bull Trend, Approaching 70c

AUDUSD has begun the week trading sideways from Friday’s NY close at around 0.6980 after finishing the week around a cent higher on improved global growth sentiment. The DXY finished Friday slightly lower.

• AUDUSD is in a bull trend and the next level to watch is 0.7009, the August 26 high. The uptrend that began on October 13 is showing a bullish price sequence of higher highs and higher lows. Key support is 0.6688, the January 3 low.
• AUDNZD has been trending higher and is currently trading around 1.0925. Aussie is weaker against the yen, finishing Friday a percent lower and is now about 89.22. AUDEUR is also higher at around 0.6442.
• Equity markets finished Friday stronger with the S&P 500 up 0.4% and the Eurostoxx and FTSE +0.6% driven by improved risk appetite. This also supported a rally in base metal prices with the LME index up a further 0.8% on Friday. WTI oil prices rose 2% to $80.07/bbl, the first time above $80 since January 3. Iron ore is around $121.50.
• Today the Melbourne Institute inflation gauge for December prints. The focus for the week is likely to be Tuesday’s Westpac consumer confidence and Thursday’s December employment report.