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Slightly Weaker In Holiday-Thinned Trade

AUD

AUD/USD traded on a softer footing Tuesday as Antipodean markets were shut in observance of Christmas holidays. Broader risk appetite turned sour, which coincided with weaker iron ore prices, to bring the Aussie into negative territory. The rapid spread of the Omicron variant across Australia provided another source of concern.

  • NSW reported a record number of new Covid-19 cases this morning. Elsewhere, Queensland shifted to requiring negative antigen rather than PCR pre-arrival tests from inbound interstate travellers.
  • Australian markets re-open after a four-day weekend, with AUD/USD little changed at $0.7227. A break below $0.7082, which represents Dec 20 low, would turn focus to Dec 3, 2021/Nov 2, 2020 lows at $0.6993/91. Bulls set their sights on the 50% retracement of the Oct 28 - Dec 3 downleg at $0.7275, followed by the 61.8% Fibo level at $0.7341.
  • The domestic calendar is empty through the end of 2021.
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