USD Trading Outlook (12-11-2014)

AUD/USD Europe erased losses from Asia as the USD’s rally stalled early in their morning. With AUD/USD unable to seriously test the 2014 low shorts began covering. The lift had the pair near 0.8645 as NY got going. NY pressed the rally further right out of the gate as USD/JPY’s slide from it’s high ran intra-day stops through 115.70. AUD/USD’s ascent briefly paused at the 200-HMA and hourly resistance in the 0.8675/80 area. The lift resumed as the greenback’s slide gathered pace. AUD/USD then cleared the 0.8680/90 area where the Nov 10 high, 38.2 Fib of 0.8912-0.8540 and the 10-DMA sat. The break saw stops run and the pair then tested the 0.8720/30 resistance zone late in the day. Little pullback was seen as the pair sat just below that zone late in the day. Westpac’s Nov consumer confidence report & Oz Q3 wage index are due. Upbeat readings may see this lift push further. Traders then set their sights on the 0.8760/70 zone where a series of daily highs and the 61.8 Fib of 0.8912-0.8540 sit.