- Broad-based greenback weakness helps the pair push higher.
- Focus today remains on FOMC Chairman Powell's speech.
- RBA's Bullock refrained from commenting on the policy outlook.
The AUD/USD pair extended its rally on Tuesday and continued to push higher amid the persistent selling pressure surrounding the greenback. As of writing, the pair is trading at its highest level in more than two weeks at 0.6970, adding 0.15% on a daily basis.
The lack of macroeconomic data releases from Australia during the Asian session on Tuesday allowed the greenback's market valuation to continue to drive the pair's price action. Earlier today, Reserve Bank of Australia (RBA) Assistant Governor (Financial System) Michele Bullock didn't touch on the RBA's next policy move. Hurt by the heightened odds of the Fed opting out either for a 50 basis points or a 25 basis points rate cut in July, the US Dollar Index slumped to its lowest level in more than three months at 95.84.
Ahead of the Conference Board's Consumer Confidence Index and new home sales data from the U.S., the US Dollar Index is moving sideways near the 96 mark.
During his prepared speech earlier today, NY Fed President Williams didn't comment on the policy outlook or the current state of the economy. Later in the day, FOMC Chairman Powell will be speaking on the monetary policy and could trigger a fresh USD-selling wave if he keeps his dovish tone and doubles down on rate cuts.
Technical levels to consider
|Today last price||0.6972|
|Today Daily Change||0.0010|
|Today Daily Change %||0.14|
|Today daily open||0.6962|
|Previous Daily High||0.6969|
|Previous Daily Low||0.6926|
|Previous Weekly High||0.6938|
|Previous Weekly Low||0.6831|
|Previous Monthly High||0.7062|
|Previous Monthly Low||0.6862|
|Daily Fibonacci 38.2%||0.6953|
|Daily Fibonacci 61.8%||0.6942|
|Daily Pivot Point S1||0.6936|
|Daily Pivot Point S2||0.6909|
|Daily Pivot Point S3||0.6893|
|Daily Pivot Point R1||0.6979|
|Daily Pivot Point R2||0.6995|
|Daily Pivot Point R3||0.7022|
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.