AUD/USD has a lazy Monday with little data

•   Aussie little changed through Monday

•   New Home Sales data expected, CPI mid-week

AUD/USD had a quiet start to the week with little news or data to excite markets, settling within a 40 pip range early in the day. As of writing price remains just underneath intraday support around $0.8102. 

Australia’s Housing Industry Association (HIA) will be releasing their New Home Sales data for the month of January sometime today; housing starts can help indicate economic activity within Australia’s economy, as consumers finance new homes and purchase furnishings, stimulating the demands for resources and employment.

Overshadowing the HIA’s home sales data is Australia’s CPI release, scheduled early Wednesday at 00:30 GMT. Inflation figures for the previous year/quarter are more likely to give markets something to trade about, as analysts are forecasting a slight contraction in economic growth for 2017 over the previous period. Major pairs can also expect Dollar volatility to take a backseat as markets brace for US President Donald Trump's State of the Union Address later this week.

The Aussie is currently trading just beneath its highest price in almost three years, after spending a majority of the last two years slowly gaining over the US Dollar, and technical indicators on Daily charts are firmly planted in overbought territory following the recent evaporation of confidence in the USD. Intraday support-resistance levels are priced in around $0.8102 and $0.8078 respectively, following the wind down of the Americas market session.