AUD/USD has posted slight gains on Tuesday, as the pair trades in the high-0.81 range early in North American trade. Later in the day, we’ll get a look at US consumer confidence numbers, with the markets expecting an excellent release for December. The estimate stands at 94.6 points. There are no Australian releases on Tuesday.
Last week’s US releases were a mix. GDP was excellent in Q3, jumping 5.0%, ahead of the estimate of 4.6%. This marked the indicator’s strongest gain since the third quarter of 2003. The US economy is expected to continue to surge in 2015, driven by increased consumer spending and lower oil prices. Core Durable Goods Orders and Durable Goods Orders both disappointed with declines in November. UoM Consumer Sentiment continued to rise, hitting 93.6 points in December. This marked its highest level since February 2007, as the US consumer remains very optimistic about the economy as we move into 2015. Unemployment Claims posted another solid reading, indicative of a strong US labor market.
AUD/USD for Tuesday, December 30, 2014
AUD/USD December 30 at 15:20 GMT
AUD/USD 0.8189 H: 0.8198 L: 0.8122
- AUD/USD was flat in the Asian session. The pair broke above resistance at 0.8150 in European trade. AUD/USD is unchanged in the North American session.
- 0.8150 is a weak support line. 0.8081 is stronger.
- 0.8214 is under strong pressure. Will the pair break through in the North American session? 0.8315 is stronger.
- Current range: 0.8150 to 0.8214.
Further levels in both directions:
- Below: 0.8150, 0.8081, 0.7904, 0.7799 and 0.7701
- Above: 0.8214, 0.8315, 0.8456 and 0.8550
OANDA’s Open Positions Ratio
AUD/USD ratio is pointing to gains in long positions on Tuesday. This is consistent with the movement of the pair, as the Australian dollar has posted gains. The ratio has a majority of long positions, indicative of trader bias towards AUD/USD breaking out of range and moving higher.
- 14:00 US S&P/CS Composite-20 HPI. Estimate 4.4%.
- 15:00 US CB Consumer Confidence. Estimate 94.6 points.
*Key releases are highlighted in bold
*All release times are GMT
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