The EUR/USD pair broke past the 1.3750 barrier early in today's Asian trading, which sent it to new highs not seen since late October this year. It shows no signs of stopping as it is currently trading at 1.3760. The only thing that could probably stop it at the moment is when the US Fed finally announces its QE tapering plan, which could lead to a stronger greenback. Initial resistance for the pair is seen at 1.3770, followed by 1.3805. Meanwhile, initial support for the pair is at 1.3716, followed by 1.3682.
Earlier today, Australia released data related to business confidence and home loans. Home Loans for October was up by 1.0%, which matched analysts' expectations, although it is lower than the previous month's increase, which was at 3.5%. However, Investment Lending for Homes was significantly higher during the same period as it was up by 8.2%, compared to the 5.2% rise in September.
As for NAB's Business Confidence and Business Conditions data for November, it was at 5 and -3 respectively. Business Confidence was slightly lower since the previous figure was at 6, while Business Conditions was slightly better, as the previous figure was -4.
These news somehow gave the AUD/USD pair a lift so far in today's trading. However, there are still upcoming data from China, particularly its Industrial Production, Retail Sales, and Urban Investment for November, all of which could dictate how well the pair will perform through the rest of the day. The country's Industrial Production is currently at 10.3%, and is expected to grow by 10.1%. Meanwhile, Retail Sales is up by 13.3% and is expected to grow at the same rate in November, and Urban Investment is up by 20.1%, and is seen to grow some 20.0% more in November.
The AUD/USD pair is currently trading at 0.9112, with initial resistance seen at 0.9120, followed by 0.9143. Meanwhile, initial support is at 0.9056, followed by 0.9033.
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