AUD/USD hangs near 0.7350 amid steady USD, risk-off mood

AUD/USD remains subdued on Tuesday in the early European trading hours.
The US Dollar Index stands strong above 94.30 with 0.03% gains.
Higher Inflation risk, Fed’s tapering concerns exerts pressure on the riskier asset.

Rekha Chauhan Independent Analyst

AUD/USD pauses the previous session’s gains on Tuesday amid risk-off mood. The pair opened higher albeit fizzled out rather quickly toward 0.7333 before recovering higher. The gains were captured following the upbeat Australian business confidence. At the time of writing, AUD/USD is trading at 0.7348, down 0.08% for the day.

The US Dollar Index (DXY), which tracks the performance of the greenback against its six major rivals prints fresh gains near 94.40. Investors digested a combination of factors of higher inflation concerns, China headwinds and supply-chain bottlenecks weighing on traders' sentiments. It is worth noting that the S&P 500 Futures is trading at 4,332.25, down 0.49% for the day.

On the other hand, the aussie gains some off-late momentum after the NAB Business Confidence Index jumped 13 in September from a downwardly revised -6 in August, pointing to the highest reading since May. Nevertheless, the sour risk sentiment over the renewed China’s Everngrande default risk, after it missed two more dollar bond interest payments, limits the gains for the risk barometer AUD/USD.

As for now, traders await the US JOLTS Job Opening data to gauge the market sentiment.

AUD/USD additional levels

AUD/USD

Overview
Today last price	0.7347
Today Daily Change	-0.0005
Today Daily Change %	-0.07
Today daily open	0.7352

Trends
Daily SMA20	0.7275
Daily SMA50	0.7306
Daily SMA100	0.7427
Daily SMA200	0.7578

Levels
Previous Daily High	0.7374
Previous Daily Low	0.7291
Previous Weekly High	0.7339
Previous Weekly Low	0.7226
Previous Monthly High	0.7478
Previous Monthly Low	0.717
Daily Fibonacci 38.2%	0.7342
Daily Fibonacci 61.8%	0.7323
Daily Pivot Point S1	0.7304
Daily Pivot Point S2	0.7256
Daily Pivot Point S3	0.7221
Daily Pivot Point R1	0.7387
Daily Pivot Point R2	0.7422
Daily Pivot Point R3	0.747

Author

Rekha Chauhan

Independent Analyst

Rekha Chauhan has been working as a content writer and research analyst in the forex and equity market domain for over two years.

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