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- AUD/USD at the upper end of its range
AUD/USD at the upper end of its range
- The Australian dollar is the best performer against the greenback, holding on to higher ground above the 0.6900 level. The AUD/USD pair is confined to a tight intraday range amid the Christmas holiday keeping most major markets closed.
- A stronger gold, which trades at around $1.490 a troy ounce, and Wall Street flirting with all-time highs, provide support to the commodity-linked currency. Easing tensions between the US and China ever since announcing phase one of the trade deal, adds to the positive tone of the Australian currency.
- US markets will open their doors today but are due to an early close. The American macroeconomic calendar will offer the Richmond Fed Manufacturing Index for December, foreseen at 9 from -1 in the previous month.
- The AUD/USD pair, however, is unable to extend gains beyond the 0.6930 price zone, a level that was unable to surpass ever since breaking below it in July. The pair has broken a long-term descendant trend line coming from January 2018 high this month, which further adds to the bullish case.
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