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AUDUSD Outlook 31st December 2015 -

Dec, 31st 04:13

AUD/USD keeps the bid tone alive on the final trading day of this year and amid thin Asian markets, reversing a temporary dip seen in the previous session.

Currently, the AUD/USD pair trades 0.20% higher at fresh session highs of 0.7301, having bottomed around 0.7270 in early trades. The Aussie remains firmer and looks poised to book third straight monthly gain as we head towards 2015 end, with most traders already out on New Year celebrations. Thus, resulting in low volumes and exaggerated intraday volatility.

Calendar-wise, we had a second-tier data in the Australian Private Sector Credit m/m, which came in at 0.4% versus 0.6% expected and lower than 0.7% previous. The pair was indifferent to the data as markets are mostly following oil prices, which seems to have stabilized in Asia after falling more than 3% on Wednesday.

In the day ahead, trading activity is likely to be limited as Japan is already out while most major European markets are also closed on account of New Year’s Eve celebrations, leaving the Aussie to the mercy of the last US economic releases due for 2015.

The pair heads higher and finds the immediate resistance at 0.7312 (Dec 25 High) above which gains could be extended to the next hurdle located at 0.7342 (200-DMA). On the flip side, the immediate support located at 0.7272/71 (1h 100-SMA/ daily low). Selling pressure is likely to intensify below the last, dragging the Aussie to 0.7230/29 (1h 200-SMA/ 20-DMA).

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