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/USD Recovers From Drop On US Dollar Round Trip

AUD

AUD/USD is slightly lower in early trade, the pair saw an impressive recovery after dropping below the 0.75 handle during European hours.

  • Much of the move was driven by the US dollar which saw its biggest gain in 9 months erased as the US prepares to sign a spending bill which helped stocks recover and dragged down the US dollar. Market observers noted that moves were exacerbated by thinned holiday volumes.
  • AUD/USD last down 9 pips at 0.7578, after dropping as low as 0.7561 earlier in the day.
  • The domestic docket is headlined today by the preliminary November retail sales print.
  • From a technical perspective AUDUSD is off recent highs but maintains a bullish outlook. The pair traded to a fresh trend high of 0.7640 last Thursday further reinforcing a bullish theme. Moving average studies are also in a bull mode and together with a positive price sequence of higher highs and higher lows, reinforce the current bullish theme. The focus is on 0.7677 next, Jun 6, 2018 high. Key near-term support is at 0.7507, Dec 15 low
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