• AUD/USD has picked bids around 0.6480 as risk-on rebounds after yields dropped to near 3.62%.
  • Investors are awaiting the release of the US ISM Services PMI and ADP job data for making informed decisions.
  • The aussie bulls remained lackluster despite better-than-former S&P PMI data.

The AUD/USD pair has sensed buying interest around 0.6480 as the pullback move in the US dollar index (DXY) seems terminating now. Traction is returning towards the risk-on market profile as yields have dropped from day’s high. The 10-year US Treasury yields have eased sharply after recording the day’s high at 3.64% and have slipped to 3.62% while writing.

It could be concluded that the DXY is sensing pressure ahead of the release of the US ISM Services PMI data. As per the consensus, the US ISM Services PMI will decline to 56.0 vs. the prior release of 56.9. It seems that the continuation of the policy tightening stance by the Federal Reserve (Fed) has started displaying its consequences. Retail demand is curtailing now and eventually, the service industry is taking a hit.

Adding to that, the US ISM Services New Order Index data is seen significantly lower at 58.9 against the prior release of 61.8. A decline in the forward-looking indicator is expected to bring sheer volatility to the DXY.

Apart from the Services PMI data, US Automatic Data Processing (ADP) Employment Change data will remain in focus. The consensus for economic data indicates that the US economy has added 200k jobs in the labor market in September vs. the former release of 132k.

Meanwhile, returning optimism in markets is supporting the aussie. In early Asia, IHS Markit reported the S&P PMI data. The Composite PMI released higher at 50.9 against the prior figure of 50.8 while the Services PMI gained to 50.6 against the projections of 50.4.

AUD/USD

Overview
Today last price 0.649
Today Daily Change -0.0007
Today Daily Change % -0.11
Today daily open 0.6497
 
Trends
Daily SMA20 0.6635
Daily SMA50 0.6816
Daily SMA100 0.6894
Daily SMA200 0.7069
 
Levels
Previous Daily High 0.6548
Previous Daily Low 0.6451
Previous Weekly High 0.6538
Previous Weekly Low 0.6363
Previous Monthly High 0.6916
Previous Monthly Low 0.6363
Daily Fibonacci 38.2% 0.6488
Daily Fibonacci 61.8% 0.6511
Daily Pivot Point S1 0.6449
Daily Pivot Point S2 0.6402
Daily Pivot Point S3 0.6352
Daily Pivot Point R1 0.6546
Daily Pivot Point R2 0.6595
Daily Pivot Point R3 0.6643

 

 

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.

Feed news Join Telegram

Recommended content


Recommended content

Editors’ Picks

AUD/USD extends rally above 0.6800 as US Dollar sell-off continues

AUD/USD extends rally above 0.6800 as US Dollar sell-off continues

The AUD/USD pair trades near a weekly peak of 0.6843, maintaining the bullish potential intact amid US data supporting a slower pace of quantitative tightening. Focus now on RBA’s Governor Lowe speech.

AUDUSD News

EUR/USD holds on to gains at around 1.0510

EUR/USD holds on to gains at around 1.0510

EUR/USD holds on to substantial gains above 1.0500 amid the broad US Dollar weakness. Optimism further fueled the rally as China moves away from its zero-Covid policy.

EUR/USD News

Gold bulls conquered $1,800, what’s next?

Gold bulls conquered $1,800, what’s next?

Gold jumped to $1,804.00, its highest since early August. The metal benefited from an extended USD sell-off as US macroeconomic figures fueled Powell’s triggered slump. On Wednesday, the Dollar fell on the back of a dovish message from Fed's Powell.

Gold News

Bitcoin price witnesses 44% increase of deposits to all exchanges in November

Bitcoin price witnesses 44% increase of deposits to all exchanges in November

BTC rallied back into the $17,000 price zone after several failed attempts. Bitcoin price a countertrend move just before November's auction finalized. Still, on-chain metrics suggest the downtrend is not yet over.

Read more

Nonfarm Payrolls Preview: Dollar selling opportunity? Low expectations to trigger temporary bounce Premium

Nonfarm Payrolls Preview: Dollar selling opportunity? Low expectations to trigger temporary bounce

A flashback to 2019 just before 2022 ends? The last Nonfarm Payrolls release is set to show a pre-pandemic level of job gains, around 200,000. Or maybe lower. However, expect another positive surprise – triggering a temporary Dollar bounce. 

Read more

Forex MAJORS

Cryptocurrencies

Signatures