
Good Morning,
Market Headlines
Wall St remained buoyant into the close with all three benchmarks close to their record highs with the Nasdaq and S&P 1% higher whilst the Dow was also up 0.8% on the day.Despite thin trading volumes over the holiday period, equities were well bid over the offshore session as investors greeted President Trump’s signing of the coronavirus stimulus bill and the EU and UK’s agreement on a post-Brexit trade deal. Commodities, Crude -0.8%, Copper -0.7%, Iron ore -0.3% Gold $1874/oz.
Currency
AUD/USD: 0.7559 – 0.7622
EUR/USD: 1.2192 – 1.2253
GBP/USD: 1.3429 – 1.3571
USD/JPY: 103.42 – 103.86
USD/CAD: 1.2814 – 1.2876
NZD/USD: 0.7085 – 0.7139
AUD/JPY: 78.45 – 78.86
AUD/NZD: 1.0666–1.0679
AUD Thoughts
Despite suffering a very minor setback on Monday, it appears that technically speaking at least, risks remain tilted to the upside for AUD/USD; an uptrend linking the 13, 19 and 24 November and 7 and 21 December lows still looks very much relevant and would likely come into play slightly ahead of the 0.7500 level, should the pair slip that low.
In this area, bulls might be keen to buy the dip, with the lows of 15 and 22 December at 0.7507 and 0.7515 respectively adding to the support. The 21-day moving average just below 0.7500 is also worth noting. If this area of support was to go, however, a test of last Monday’s low just above 0.7460 would be likely
Event Risk Data Today
US – October Case Shiller House Prices