AUD/USD falls back towards 0.7700 as USD regains poise ahead of key US data

AUD/USD fades a bounce to 0.7735, as USD bulls fight back control.
The US dollar resumes Yellen-induced upside, as S&P 500 futures pare gains.
US ADP jobs and Services PMI to offer fresh cues ahead of Friday’s NFP.

Dhwani Mehta FXStreet

AUD/USD is turning south once again in the European morning, as the US dollar has jumped back on the bids amid a mild risk-aversion wave sweeping through.

After a brief pullback in the US dollar earlier in the Asian session, the bulls have regained control, as the S&P 500 futures pare gains, suggesting that the risk-on sentiment could be waning.

Markets remain concerned about growing covid worries in Asia, especially after a new local case of coronavirus was found in Sydney.

The Asian rebound in the aussie from Tuesday’s low of 0.7676 was mainly driven by a broad dollar retreat. Upbeat Australian April Markit Final Services PMI and Building Approvals data also backed the recovery in the spot to near the 0.7735 region.

However, US Treasury Secretary Janet Yellen’s comments-induced uptrend in the greenback seems to have resumed ahead of the key ADP jobs and ISM Services PMI data.

Yellen said that "It may be that interest rates will have to rise somewhat to make sure that our economy doesn't overheat, even though the additional spending is relatively small relative to the size of the economy.”

AUD/USD technical levels

AUD/USD

Overview
Today last price	0.7715
Today Daily Change	0.0010
Today Daily Change %	0.13
Today daily open	0.7706

Trends
Daily SMA20	0.7718
Daily SMA50	0.7713
Daily SMA100	0.7707
Daily SMA200	0.7471

Levels
Previous Daily High	0.7766
Previous Daily Low	0.7674
Previous Weekly High	0.7819
Previous Weekly Low	0.7696
Previous Monthly High	0.7819
Previous Monthly Low	0.7531
Daily Fibonacci 38.2%	0.7709
Daily Fibonacci 61.8%	0.7731
Daily Pivot Point S1	0.7665
Daily Pivot Point S2	0.7624
Daily Pivot Point S3	0.7574
Daily Pivot Point R1	0.7757
Daily Pivot Point R2	0.7807
Daily Pivot Point R3	0.7848

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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