AUD/USD extends consolidation above the 0.70 handle


  • AUD/USD consolidates Monday's gains in tight range.
  • RBA doesn't hint at another rate cut in the short-term.
  • US Dollar Index inches higher on the back of upbeat sales data.

The AUD/USD pair ignored the Reserve Bank of Australia's (RBA) meeting minutes during the Asian trading hours and extended its consolidation phase above the 0.70 handle before coming under a modest pressure and staging a technical recovery in the second half of the day. As of writing, the pair was trading at 0.7027, losing 0.17% on a daily basis.

In the minutes of its July meeting, the RBA reiterated that they were ready to cut rates again if needed and that the board would continue to monitor the labour market closely. Commenting on the RBA's publication, “We find no indication in the July RBA Minutes that the Bank is considering cutting rates again in the near term," TD Securities analysts said.

Later in the day, the data published by the U.S. Census Bureau revealed that retail sales in June expanded by 0.4% to beat the market expectation of 0.1%. Although the US Dollar Index extended its daily rebound and rose above the 97.30 mark on the back of the data, it failed to preserve its momentum as the Fed's monthly publication showed that industrial production stagnated in June.

At 17 GMT, FOMC Chairman Powell and Chicago Fed President Charles Evans' speeches will be looked upon for fresh impetus.

Technical levels to watch for

AUD/USD

Overview
Today last price 0.7027
Today Daily Change -0.0012
Today Daily Change % -0.17
Today daily open 0.7039
 
Trends
Daily SMA20 0.6971
Daily SMA50 0.695
Daily SMA100 0.7021
Daily SMA200 0.7092
Levels
Previous Daily High 0.7041
Previous Daily Low 0.7011
Previous Weekly High 0.7026
Previous Weekly Low 0.6909
Previous Monthly High 0.7026
Previous Monthly Low 0.6831
Daily Fibonacci 38.2% 0.703
Daily Fibonacci 61.8% 0.7022
Daily Pivot Point S1 0.702
Daily Pivot Point S2 0.7
Daily Pivot Point S3 0.699
Daily Pivot Point R1 0.705
Daily Pivot Point R2 0.706
Daily Pivot Point R3 0.708

 

 

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 surges above 1.1100 as Trump announces steps against China

EUR/USD is trading above 1.1100, up on the day. President Trump said he orders companies to search Chinese imports for drugs. Earlier he criticized Powell's lack of action. 

EUR/USD News

GBP/USD jumps above 1.2250 on USD weakness

GBP/USD is trading close to the monthly highs above 1.2250 as the US dollar falls following Powell's hint of cutting rates and Trump's angry response. 

GBP/USD News

USD/JPY plummets to ten-day lows below 106 as Trump goes berserk on Twitter

The USD/JPY came under strong selling pressure in the last hour and erased nearly 100 pips as US President Donald Trump's latest rant on Twitter forced investors to seek refuge and ramped up the demand for safe-haven JPY. 

USD/JPY News

Gold gains more than $30, eyes 2019 highs on Trump’s tweet

Gold continues to rise sharply amid concerns about the impact of the escalation in the US-China trade war. The demand for safe-haven assets emerged over the last hours, leading to a rally in the yellow metal. 

Gold News

Powell powerless against Trump's trade wars – US braces for recession, USD set to move

"The most powerful central banker in the world" – is how we and others characterize Fed Chair Jerome Powell. While that may be true – monetary policy is reaching its limits – especially in the face of a trade war.

Read more

MAJORS

Cryptocurrencies

Signatures


  •  
  •  
  •  
  •  
  •