- AUD/USD struggles to extend recovery moves from weekly bottom.
- S&P 500 Futures benefit from vaccine news, ignores geopolitical, reflation fears.
- US data, risk catalysts can entertain amid a light calendar.
AUD/USD eases from intraday top while taking rounds to 0.7725-30, up 0.07% on a day, during early Thursday. In doing so, the Aussie pair licks the US inflation-led wounds amid mildly upbeat market sentiment.
The early Asian announcement from the US Centers for Disease Control and Prevention (CDC), approving Pfizer's use of the covid-19 vaccine in adolescents age 12 and older, seems to have offered a fresh bid to the S&P 500 Futures amid a light calendar and empty feeds. Even so, the investors remain cautious after the latest strong support to reflation fears.
Following the heavy US Consumer Price Index (CPI) print for April, 4.6% YoY versus 3.6% expected and 2.6% prior, the US Federal Reserve (Fed) officials rushed to defend their ideology of easy money. However, markets couldn’t believe them and gained additional pessimism from CNN’s news suggesting a leading Democratic economist Larry Summers warning the White House on the ‘overheating’ issue.
Elsewhere, Reuters came out with a piece of news citing the US sending an envoy to placate conditions in the Middle East after Israel killed Hamas commander.
Against this backdrop, US 10-year Treasury yields wobble around 1.68% after rising the most in two months the previous day while stocks in Australia are mildly offered.
Moving on, mixed updates concerning the coronavirus (COVID-19) may keep entertaining the AUD/USD traders, likely trimming the previous day’s losses. However, US Weekly Jobless Claims, monthly Retail Sales and Producer Price Index (PPI) will be the key to watch during the rest of the week.
Although a break of 0.7820 keeps AUD/USD sellers hopeful, a convergence of 100-day SMA and an ascending support line from April 01, around 0.7720, followed by the 0.7700 threshold, become tough nuts to crack for the bears.
Additional important levels
|Today last price||0.773|
|Today Daily Change||6 pips|
|Today Daily Change %||0.08%|
|Today daily open||0.7724|
|Previous Daily High||0.7847|
|Previous Daily Low||0.7718|
|Previous Weekly High||0.7863|
|Previous Weekly Low||0.7674|
|Previous Monthly High||0.7819|
|Previous Monthly Low||0.7531|
|Daily Fibonacci 38.2%||0.7768|
|Daily Fibonacci 61.8%||0.7798|
|Daily Pivot Point S1||0.7679|
|Daily Pivot Point S2||0.7634|
|Daily Pivot Point S3||0.755|
|Daily Pivot Point R1||0.7808|
|Daily Pivot Point R2||0.7892|
|Daily Pivot Point R3||0.7937|
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. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.