AUD

Household spending in Australia, December, -3.1% m/m (prior +1.8%)

• Data from CBA on weak spending Australia, negative growth in December

Australian private survey of inflation soared by 1% m/m in December, the most in 17 months

• In other data, Australian ANZ Job Advertisements for December have come in at +0.1% m/m

The AUDUSD is ending an up and down week with bearish tilt but there is work to do

• Despite closing the week with a bearish bias, the AUDUSD shows potential for a reversal as it hovers near key support and resistance levels. Traders should watch for a breakout above the swing level at 0.6738 or a breakdown below the swing area at 0.6676 for further confirmation of direction.

AUDUSD Technical Analysis

• The AUDUSD pair is threatening a downside breakout. What’s next?

Australian data - November home loans +1.0% m/m (expected +1.3%)

Shipping chaos: Industrial action at 3 major east coast Australian ports

• Sydney, Melbourne and Brisbane, with potential to spread to the west coast port of Fremantle

AUDUSD corrects off of the low and tests an old floor from the week.

• Will sellers hold? AUDUSD corrects off low, retesting key resistance level.

Australian December trade data: Exports +1.7% m/m while Imports -7.9%

• The trade balance has shown a massive beat

AUDUSD buyers had their shot today and missed. What next?

• The AUDUSD attempted to break above resistance but failed, resulting in a pullback to a swing area. The currency pair needs to break below the lower end of the swing area to increase bearish bias or move back above the 100-day moving average to tilt the bias to the upside.

AUD/USD tracking a little higher despite a beat for CPI data

• Lower than expected monthly inflation figures were published earlier

Australian November CPI 4.3% y/y (expected 4.4%)

Economic calendar in Asia Wednesday, 10 January 2024 - Australian inflation data

• Australian inflation data for November will have implications for perceptions of an RBA February rate hike, or not.

AUDUSD moves lower and for the 3rd day in a row, falls back below the 50% retracement.

• Will sellers maintain control as AUDUSD falls below 50% midpoint? Potential rebound at swing area.

AUDUSD Technical Analysis

• The AUDUSD pair bounces on a key trendline. What’s next?

Yen, AUD extend their moves higher still

• USD is soft pretty much across the board