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Muted Start, RBA Minutes Headlines Docket

AUD

AUD has opened dealing in line with Friday's closing levels, ranges have been narrow with little follow through on moves thus far. AUD/USD sits on the $0.67 handle.

  • On Friday the AUD was little changed, volatile price action was seen as Fed-speak from NY President Williams boosted the USD. Losses were erased into the close as risk sentiment improved as the NASDAQ reached all time highs.
  • The uptrend in AUDUSD remains intact. Wednesday's gains and Thursday's follow through reinforce this theme. Resistance comes in at $0.6729 High Dec 14 and $0.6747 76.4% retracement of the Jul 13 - Oct 26 bear leg. Support is at $0.6655 Low Dec 14.
  • In the metals space SGX Iron Ore sits a touch off cycle highs at $132.60/tonne and Copper finished on Friday at $389.05, ~5% above December lows.
  • The RBA minutes of the December policy meeting, due tomorrow, provide the highlight this week. Otherwise the docket is thin with just Nov Westpac Leading Index and Nov Private Credit due.
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