AUD/USD Rises To Test Last Week's Highs Near 0.6820
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- The AUD/USD currency pair looks to consolidate last week’s gains above 0.6800.
- Today appears to host a quiet session across financial markets, as Wall Street is closed.
- Key events ahead include the FOMC minutes on Wednesday and the NFP report on Friday.
The AUD/USD currency pair has been up marginally on Monday after posting the highest daily close in almost three weeks above 0.6800 on Friday. Price action appears to remains limited on a quiet session for Forex.
The pair is moving sideways on a small range amid low volume. It is trading at daily highs at around 0.6818, slightly below last week’s high of 0.6820. Earlier, it bottomed at around 0.6792.
Risks look biased to the upside in the short-term. The Aussie faces initial resistance at 0.6820 and then at 0.6845. On the flip side, the first support stands at 0.6770. A key dynamic support stands at 0.6705, which appears to be a short-term uptrend line; a break lower would point to further losses.
From Holidays to Key Data
Wall Street is closed on Monday. Markets will return to normal on Tuesday after two weeks of subdued action.
On Tuesday, the S&P Global Manufacturing PMI for December is due in Australia and in the US. On Wednesday, the US will release the ISM Manufacturing and the Federal Reserve the FOMC December meeting minutes. The key report of the week will be on Friday, the US official employment report. Non-farm payrolls are expected to slow down to 200 thousand in December from 263 thousand in November.
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