AUD/USD: wait-and-see mode ahead of first-tier data later this week
|AUD/USD Current price: 0.7398
- AUD/USD stuck to a 20 pips' range around 0.7400 as markets are in pause.
- The US will release Pending Home Sales and the Dallas Fed Manufacturing Index.
Equities are trading with a soft tone worldwide, and so does the Aussie, although not far from 0.7400 against the greenback, as the sour tone of indexes is being offset by firmer commodities´ prices. The AUD/USD pair trades in a 20 pips' range ever since the day started, with the daily low having been set so far at 0.7385. There were no macroeconomic releases in Australia that could affect the pair, although several macro figures will be out this week, alongside with Chinese ones. Additionally, the US will present PCE inflation and monthly employment figures, while the Fed will have its monetary policy meeting next Wednesday, which could exacerbate the current ranges until then.
The US will release later today June Pending Home Sales, expected to have fallen by 6.0% in June following a -2.2% in May. The country will also release the Dallas Fed Manufacturing Business Index for July, foreseen at 31.0 from June's 36.5.
The technical picture is mild negative, as in the 4 hours chart, attempts to recover ground were contained by a congestion of moving averages, while technical indicators hold within negative levels, despite losing their downward strength. The 0.7370 region is an immediate strong static support, while sellers are aligned in the 0.7440/50 price zone. Seems unlikely that the pair can move out of such range today.
Support levels: 0.7370 0.7330 0.7300
Resistance levels: 0.7445 0.7485 0.7520
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.