AUD/USD: Bulls in control, tests 0.7250 post -Aus data

Broad based US dollar weakness remains the key theme in Asia this Friday, driving the AUD/USD pair further into the green zone, while markets digest the latest Australian data.

AUD/USD takes-out daily R1

Currently, the AUD/USD pair rises +0.32% to 0.7244, flirting with six-day highs posted at 0.7247 last minutes. The AUD/USD pair is seen extending its bullish momentum into the second straight session, as the greenback continues to remain broadly sold-off into profit-taking, with investors unwinding their USD longs heading into the New Year holiday-break.

More so, the resource-linked also takes advantage of rising commodities’ prices, particularly oil, copper and gold, also as in-line with expectations Australian private sector credit data offered fresh impetus to the bulls. The data arrived at +0.5% m/m in November, unchanged from the previous month.

Markets will continue to track the USD price-action as volumes slow down further and irregular volatility sets in in a pre-New-Year holiday trading today.

AUD/USD Levels to watch   

The pair finds the immediate resistance at 0.7267 (daily R2) above which gains could be extended to the next hurdle located 0.7300 (zero figure) and 0.7313 (Dec 19 high). On the flip side, the immediate support located 0.7200 (round figure). Selling pressure is likely to intensify below the last, dragging the Aussie to 0.7178 (daily S1) and below that at 0.7154/52 (multi-month lows).