- DXY declines to daily low lifting AUD/USD to weekly highs.
- The Australian dollar outperforms, AUD/NZD back to 1.0700.
AUD/USD picked up traction rebounding from0.7688 to 0.7732 a session high, just shy of the recent high at 0.7741. supported by a softer US dollar DXY declines despite upbeat US data
The US Dollar declined early on in the US session to 89.50 before pulling back, towards 90.00.
The ISM manufacturing PMI for December unexpectedly rose to 60.7but failed to lift the dollar.
Commodity currencies are trading higher ;the Australian dollar is outperforming. AUD/NZD is back at 1.0700.
AUD/USD uptrend intact
After easing back on Monday, AUD/USD is back over 0.7700. A break of 0.7730 could lead to further gains.
Immediate support is seen at 0.7650. The critical support could be 0.7570, the convergence of the 20-day moving average and a short-term uptrend line. A breakthrough below would open the door to a steeper bearish correction.