AUD/USD: bid on big beat consumer confidence, awaiting FOMC/CPI/Aussie jobs
|- AUD/USD about to go off with a number of key data releases?
- AUD/USD: up for another session overnight, but to consolidate ahead of FOCM?
AUD/USD was a fade from the high of 0.7580, ending at 0.7559 in NY from a low of 0.7519. AUD/USD is trading at 0.7559, down -0.03% on the day, having posted a daily high at 0.7564 and low at 0.7553.
In the absence of much else, the focus was on the recently released Westpac consumer confidence data that was a big beat in early Asia today compared to that of prior, arriving at 3.6% vs -1.7% previous, however, not moving the price more than a few pips bid.
Commodities and data events
Elsewhere, the commodity sector overnight had gold lower, copper/iron ore in consolidation and WTI taking a hit on the back of EIA cutting it's 2018 global demand forecast while the DXY was better bid for the majority of the NY shift ahead of tonights FOMC announcements. Also on the cards are US CPI.
"We expect core CPI in November to increase 0.2% (0.174%) m-o-m, a slight deceleration from October’s 0.225%, but keeping the y-o-y rate unchanged at 1.8% (1.765%)," analysts at Nomura explained who also the FOMC to raise targets for short-term interest rates for the third time this year." Then, the markets will look to Thursday's employment data from Australia for the final showdown for the pair.
AUD/USD levels
Valeria Bednarik, chief analyst at FXStreet explained that from a technical point of view, the 4 hours chart shows that, despite the latest intraday decline, the risk of a downward extension remains limited, as the price holds above a modestly bullish 20 SMA, while technical indicators have entered a consolidative phase within a positive territory. "The 0.7530 region is the immediate support, with a break below it probably resulting in the pair resuming its bearish trend."
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