FXstreet.com (London) - AUD is trading soft on thin year end volumes. Against the Greenback the pair trades at 0.8850 up 9 pips from the open. With local markets closed and little in way of broader macro cues, this bullish up-move can be attributed to Dollar weakness on year-end profit taking.
AUD has been rising meteorically this year, with high yields making the currency attractive for the carry trade. Support in the case of reversal this session lies at 0.8825 (intraday low), followed by 0.8807 (previous session low). On the upside should the trend continue, take 0.8868 (Dec 21 High) then as primary resistance, if this is broken 0.8914 (Dec 18 High) should provide next resistance.
Gold prices have continued to strengthen, aiding the Aussie rise. The precious metal traded much of last week below $1100. But gold has broken to the upside over the holiday, currently trading at $1110.