AUD/USD Current price: 0.7853
- Aussie buyers giving up, hurt by easing equities.
- AUD NAB's business indexes hit multi-month highs.
The AUD/USD pair traded as high as 0.7876 but was unable to hold on to gains amid falling oil prices and equities. From the mentioned high, the pair fell down to 0.7827, to later bounce on broad dollar's weakness, settling by the end of the day around 0.7850, little changed from Monday's close. The early rally was backed by solid data coming from the country, as the NAB's Business Confidence index surged to 12 in January, its highest in nine months, while the Business Conditions index, surged to 19 from a previous 13, both well above market's expectations and reflecting an improved economic outlook. China's figures, despite less relevant, were also positive, with M2 Money Supply up in January 8.6%, and New Loans totaling 2,900 billion from the previous 584B. There won't be relevant releases this Wednesday coming from Australia. Technically, the 4 hours chart indicates decreasing buying interest, as the intraday advance stalled below the 0.7890 Fibonacci resistance, with the 200 EMA converging with it. In the same chart, technical indicators eased within positive territory, supporting some further slides ahead. The 20 SMA, however, maintains its bullish slope, heading higher around 0.7820.
Support levels: 0.7820 0.7790 0.7755
Resistance levels: 0.7850 0.7890 0.7920
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