AUD/USD attempts a bounce from 2-week lows at 0.7115

Aussie tracks the rally in the Kiwi post-NZ CPI beat, stalled USD bounce supports.
All eyes on Thursday’s Australian employment figures for a fresh directional move.

Dhwani Mehta FXStreet

The AUD/USD pair stalled its three-day losing streak and attempted a minor recovery from two-week lows of 0.7115, as the AUD bulls were rescued by a renewed uptick in its OZ neighbor, the NZD, after New Zealand’s Q4 CPI surpassed expectations.

More so, broad-based US dollar rebound lost legs, which further collaborated to the latest leg up in the spot. The greenback dropped in the US last session after the US existing home sales disappointed markets by a big margin while a sell-off in Treasury yields amid risk-aversion accentuated the downside in the buck. The USD index now trades at 96.30, having faced rejection near 96.40 levels.

The Aussie climbed to session tops near 0.7130 region, but the rebound appears to lack a follow-through amid risk-off market profile, in the wake of the declines on the Wall Street, with the US-China trade tensions back in the spotlight. Also, the extension of the US government shutdown also dampens the investors’ sentiment.

Looking ahead, the pair will continue to take cues from the broader markets sentiment amid looming China slowdown fears, as the focus now shifts towards the Australian jobs reports due this Thursday at 0030 GMT for a fresh trading impetus.

AUD/USD Technical Levels

AUD/USD

Overview:
    Today Last Price: 0.7122
    Today Daily change: -0.0037 pips
    Today Daily change %: -0.52%
    Today Daily Open: 0.7159
Trends:
    Daily SMA20: 0.7117
    Daily SMA50: 0.7183
    Daily SMA100: 0.7171
    Daily SMA200: 0.7314
Levels:
    Previous Daily High: 0.7182
    Previous Daily Low: 0.7139
    Previous Weekly High: 0.7226
    Previous Weekly Low: 0.7146
    Previous Monthly High: 0.7394
    Previous Monthly Low: 0.7014
    Daily Fibonacci 38.2%: 0.7156
    Daily Fibonacci 61.8%: 0.7166
    Daily Pivot Point S1: 0.7138
    Daily Pivot Point S2: 0.7117
    Daily Pivot Point S3: 0.7095
    Daily Pivot Point R1: 0.7181
    Daily Pivot Point R2: 0.7203
    Daily Pivot Point R3: 0.7225

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

EUR/USD stays well offered below 1.1800

The selling pressure on EUR/USD is picking up pace, with the pair slipping decisively below the key 1.1800 level and sliding to fresh two week lows as Wednesday’s session draws to a close. The move lower comes as the US Dollar finds renewed strength after the latest round of US data and the release of the FOMC Minutes. Next of note on the docket will be the US weekly Initial Jobless Claims.

GBP/USD reaches multi-day lows near 1.3500

GBP/USD reverses its initial upside momentum and is now adding to previous declines, approaching the 1.3500 region on Wednesday. Cable’s downtick comes on the back of decent gains in the Greenback and easing UK inflation figures, which seem to have reinforced the case for a BoE rate cut in March.

Gold battle to regain $5,000 continues

Gold is back on the front foot on Wednesday, shaking off part of the early week softness and challenging two-day highs near the $5,000 mark per troy ounce. The move comes ahead of the FOMC Minutes and is unfolding despite an intense rebound in the US Dollar.

Bitcoin has found or is near a bottom, extended consolidation to follow: K33

Bitcoin (BTC) is nearing or has already established a bottom, which could be followed by a sustained period of slow price movement, according to K33.

Mixed UK inflation data no gamechanger for the Bank of England

Food inflation plunged in January, but service sector price pressure is proving stickier. We continue to expect Bank of England rate cuts in March and June. The latest UK inflation read is a mixed bag for the Bank of England, but we doubt it drastically changes the odds of a March rate cut.

Sui extends sideways action ahead of Grayscale’s GSUI ETF launch

Sui is extending its downtrend for the second consecutive day, trading at 0.95 at the time of writing on Wednesday. The Layer-1 token is down over 16% in February and approximately 34% from the start of the year, aligning with the overall bearish sentiment across the crypto market.