AUD/USD consolidated in a range above 0.7700 mark, US PMI/Powell's speech eyed


  • AUD/USD attracted some buying on Monday and stalled its recent slide from the 0.7815-20 area.
  • Dovish Fed expectations, the risk-on mood undermined the USD and extended some support.
  • Investors now eye US ISM PMI, Powell’s speech for some impetus ahead of the RBA on Tuesday.

The AUD/USD pair held on to its modest gains through the first half of the European session and was last seen hovering near the top end of its intraday trading range, around the 0.7725-30 region.

Having shown some resilience below the 0.7700 mark, the pair edged higher on the first day of a new week and recovered a part of Friday's decline to one-week lows. The AUD/USD pair, for now, seems to have stalled its recent sharp pullback from the 0.7815-20 heavy supply zone and was supported by a combination of factors.

The US dollar struggled to capitalize on last week's rebound from the lowest level since February 26 amid expectations that the Fed will keep interest rates low for a longer period. This, along with the prevalent risk-on mood, further undermined the safe-haven greenback and extended some support to the perceived riskier aussie.

The uptick marked the first day of a positive move in the previous three trading session, though lacked any strong follow-through. Investors now seemed reluctant to place any aggressive bets, rather preferred to wait on the sidelines ahead of the latest monetary policy update by the RBA, scheduled during the Asian session on Tuesday.

In the meantime, the US economic docket – featuring the release of the ISM Manufacturing PMI – will be looked upon for some impetus. Apart from this, a scheduled speech by Fed Chair Jerome Powell will influence the USD price dynamics and further contribute to producing some short-term trading opportunities around the AUD/USD pair.

Technical levels to watch

AUD/USD

Overview
Today last price 0.7727
Today Daily Change 0.0011
Today Daily Change % 0.14
Today daily open 0.7716
 
Trends
Daily SMA20 0.7709
Daily SMA50 0.772
Daily SMA100 0.7703
Daily SMA200 0.7465
 
Levels
Previous Daily High 0.7785
Previous Daily Low 0.7696
Previous Weekly High 0.7819
Previous Weekly Low 0.7696
Previous Monthly High 0.7819
Previous Monthly Low 0.7531
Daily Fibonacci 38.2% 0.773
Daily Fibonacci 61.8% 0.7751
Daily Pivot Point S1 0.768
Daily Pivot Point S2 0.7643
Daily Pivot Point S3 0.759
Daily Pivot Point R1 0.7769
Daily Pivot Point R2 0.7822
Daily Pivot Point R3 0.7859

 

 

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