AUD/USD wavers around 0.7850, ignores mixed Aussie data amid market optimism
|- AUD/USD trims intraday gains amid US dollar consolidation, Aussie data.
- Australia Retail Sales eased to 1.3% for March, NAB data for April came in stronger.
- Market sentiment remains in favor of bulls cheering no Fed tapering, vaccine updates add to the risk-on mood.
AUD/USD wobbles around a 10-week high, recently up 0.08% near 0.7850, during early Monday. The pair struggles to extend Friday’s heavy run-up as Australia Retail Sales eased in March. In doing so, the quote pays a little heed to the National Australia Bank’s (NAB) upbeat sentiment figures as well as mildly bid market sentiment.
The final reading of March’s Aussie Retail Sales stepped back from 1.4% initial forecast and prior. Further, NAB Business Confidence jumps to 26 from 15 whereas NAB Business Conditions rise from 25 to 32.
Read: Aussie Retail Sales: March Final 1.3% vs est 1.4%; prev 1.4%
It should be noted that the news suggesting sooner availability of the Pfizer-BioNTech vaccine in the New South Wales as well as the European Union’s (EU) vaccine deal back the risk-on mood and battle bears. Also on the positive side could be Iran’s absence of flashing fire-words while talking about the nuclear deal with the US.
Alternatively, Brexit jitters and the coronavirus (COVID-19) worries in India, as well as Japan joins the US government’s declaration of emergency over cyberattack on the oil pipeline to test the market sentiment.
Above all, traders are happy after Friday’s strong jobs report that rejected the tapering fears and propelled equities and commodities, not to forget Antipodeans.
Amid these plays, S&P 500 Futures and the US 10-year Treasury yields are mildly bid but the US dollar index (DXY) refrains from declining further below late February lows, marked the previous day.
Moving on, a light calendar keeps AUD/USD traders directed towards the macro news for fresh impulse.
Technical analysis
A daily closing below 0.7820, comprising multiple tops marked since early January, should recall intraday sellers but bears may remain cautious until the pair stays above 0.7710-15 region, including 100-day and 50-day SMA. Alternatively, a sustained trading above the previous hurdle near 0.7820 enables AUD/USD bulls to aim for the 0.8000 psychological magnet. However, the 0.7880 and the 0.7900 resistances levels may test the upside momentum.
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.