AUDUSD Moves Lower But Only Corrective, Consumer Sentiment Coming Up

Aussie was a mid-range performer within a G10 that was all down against the greenback on Monday as US Treasury futures yields were slightly higher and European equities sold off. AUDUSD trended lower through the Asian and the European sessions before reaching a trough of 0.6650. It is currently down 0.4% to 0.6660. The USD index rose 0.2%.

• AUDUSD continues to consolidate. The recent move lower still appears to be a correction and the medium-term trend remains upward. Trendline support is at 0.6628 while the bull trigger is at 0.6871.
• Aussie rose 0.3% against kiwi to 1.0743, close to the high of 1.0763. AUDJPY is 0.2% higher at 97.08. AUD underperformed most of Europe with AUDEUR down 0.4% to 0.6080 after a low of 0.6074 and AUDGBP -0.2% to 0.5232.
• US equity markets were closed yesterday but Europe was weaker with the Euro stoxx down 0.6% and FTSE -0.4%. The S&P e-mini was slightly lower. Oil prices fell 0.2% with Brent holding above $78/bbl. Copper rose 1.2% and iron ore is around 134/t.
• Today Westpac consumer confidence for January is released.