Technical Analysis: Bias Bearish - RSI and Stochs are biased lower and we MACD is showing a bearish crossover. - Price action has broken below 5-DMA and is trading in a narrow range around 20-DMA. - We evidence a spinning top formation at highs on the weekly candle. - RSI is on verge of a rollover from overbought levels.
Fundamental Studies: - Upbeat Australia consumer confidence data likely to keep Aussie supported. - Australia consumer confidence surprised to the upside, with the Westpac Melbourne Institute Index of Consumer Sentiment up 3.6% to 103.3 in December from 99.7 in November. - It was only for the second time this year that Australia's consumer confidence printed over 100.