AUD/USD comes under pressure near 0.7100

  • Spot recedes from recent tops and returns near 0.7100.
  • Renewed USD-buying prompted the current knee-jerk.
  • Westpac Consumer Sentiment improved to 4.3% in February.

The Aussie Dollar is prolonging the upside momentum so far this week and has lifted AUD/USD to the vicinity of the 0.7140 area, just to lose some vigour afterwards.

AUD/USD in 5-day peaks

Despite the ongoing correction, the pair manages well to keep the bid tone intact and trade in the area of multi-day highs beyond 0.7100 the figure amidst some recovery in the greenback.

Earlier in the session, AUD met some extra oxygen following the auspicious print from the Consumer Confidence tracked by Westpac, advancing 4.3% for the current month vs. January’s 4.7% drop.

Looking ahead, the pair should stay under pressure via USD-dynamics in light of the publication of inflation figures for the month of January gauged by the CPI along with speeches by FOMC’s Bostic, Mester and Harker.

What to look for around AUD

The recent renewed sentiment in the risk-associated complex has been sustaining the up move in the pair to levels beyond 0.7100 the figure, partially reverting last week’s sell-off. Additionally, optimism around the US-China trade talks continue to lend support to AUD demand. However, the fresh neutral stance from the RBA should limit occasional bullish attempts in the near term. In addition, it is worth recalling that the central bank cut its growth projections on the potential slowdown in China, the correction in the domestic house sector and potential trade jitters.

AUD/USD levels to watch

At the moment the pair is up 0.29% at 0.7115 and a breakout of 0.7135 (high Feb.13) would aim for 0.7157 (21-day SMA) and then 0.7279 (200-day SMA). On the downside, the next support lines up at 0.7075 (low Jan.25) seconded by 0.7054 (low Feb.12) and finally 0.7076 (low Jan.25) and finally 0.7021 (monthly low Oct.26 2018).

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.

Feed news

Latest Forex News

Editors’ Picks

EUR/USD struggling at the lows ahead of US GDP

EUR/USD is trading in the low 1.1100s, consolidating its losses. Markets are stalling ahead of the all-important US GDP report which carries high expectations. Some suspect a "sell the fact" response in reaction to an OK number.


GBP/USD recaptures 1.2900 amid the Brexit impasse, ahead of US GDP

GBP/USD is trading slightly above 1.2900, recovering the lost ground after hitting two-month lows. The Brexit impasse weighs as the main parties have not made progress. The anticipation to US GDP limits movements.


USD/JPY off-highs, but stays above 200-day MA

USD/JPY is enjoying good two-way price movements, with the upside capped by the risk-off trades in the Asian equities and Yen flows ahead of the 10-day holiday while the downside remains cushioned by mixed Japanese macro data and renewed optimism over the US-China trade deal. 


US First Quarter GDP Preview: Reasons to be cheerful

US economic growth forecast to be stable in the first quarter. Improved consumer attitudes and retail sales give reason for optimism. Labor market key to economic growth.

Read more

Gold climbs to 1-1/2 week tops, back above $1280 level ahead of US GDP

Gold edged higher on the last trading day of the week and jumped back above $1280 level, just above over one-week tops set in the previous session.

Gold News