AUD/USD analysis: up for a second consecutive day, pressuring 0.7100

Valeria Bednarik FXStreet

AUD/USD Current price: 0.7094

Australian data and the 0.7000 psychological barrier help the pair advance.
Melbourne Institute Consumer Inflation Expectations for October up next.

The AUD/USD pair settled near the 0.7100 level, having neared it a couple of times through the day. The Aussie found support at the beginning of the day on improved local data, as the NAB's survey on Business Confidence for September came in at 6, beating the expected 5. Business Conditions were also upbeat, raising to 15 vs. the 9 forecasted. Up for a second consecutive day, the pair bared quite well with falling European equities and higher US yields, as it seems that speculative interest is unwilling to push the pair through the key 0.7000 threshold, despite prevalent US Dollar demand. Australia will see the release of the Consumer Inflation Expectations from the Melbourne Institute for October this Wednesday, previously at 4.0%.

The pair offers a positive technical stance according to readings in the 4 hours chart, as it's currently advancing above a now flat 20 SMA, while technical indicators advance within positive levels, now at their highest for this month. Furthermore, the pair is also above the 23.6% retracement of the latest daily slump at around 0.7086, with the 38.2% retracement of the same slide at 0.7115, with gains beyond this last opening doors for a steeper recovery.

Support levels: 0.7085 0.7040 0.7010

Resistance levels: 0.7115 0.7150 0.7190

View Live Chart for the AUD/USD

Author

Valeria Bednarik

FXStreet

Valeria Bednarik was born and lives in Buenos Aires, Argentina. Her passion for math and numbers pushed her into studying economics in her younger years.

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