AUD/USD hovers near 0.6600 as markets await Aussie’s Business, Consumer Confidence data


  • AUD/USD up due to better sentiment, USD dip amid mixed Wall Street results.
  • US inflation steady; Fed's positive economy outlook influences currencies.
  • US inflation, Australian consumer confidence data critical for economic assessment.

The Australian Dollar posted solid gains on Monday, rising 0.42% against the US Dollar amid an improvement in risk appetite and a light economic calendar. The AUD/USD pair trades at 0.6604, virtually flat, as Tuesday’s Asian session begins.

AUD/USD sees a modest uptick after gaining on Monday, ahead of US CPI

Wall Street’s session concluded with a mixed bag of results. While the S&P 500 and the Dow Jones registered losses, the Nasdaq Composite saw a rise. This divergence was accompanied by a 0.16% decline in the Greenback, as indicated by the US Dollar Index (DXY), which stands at 104.12.

The US economic docket was light, except for the New York Fed Consumer Inflation Expectations for March, rising by 3%, unchanged compared to February’s data. Chicago’s Fed President Austan Goolsbee began the Fed parade on Monday, saying that the economy is on golden path, while emphasizing the economy remains strong due to a tight labor market.

US and Aussie economic data

In the meantime, traders are awaiting the latest inflation report in the United States (US), to have a better grasp of the disinflation process. If prices continue to trend lower, that would be negative for the buck and positive for risk-perceived assets, like the Aussie Dollar.

On Australia’s front, market players would be entertained by the Westpac Consumer Confidence and the NAB Business Confidence, both figures from March.

AUD/USD Price Analysis: Technical outlook

On Monday, the AUD/USD had risen above a downslope resistance trendline at around the 0.6580/90 area, which opened the door for buyers to reclaim 0.6600. They’re gathering momentum, as depicted by the Relative Strength Index (RSI), aiming north, with enough room to enter overbought conditions. If the pair surpasses the April 4 high of 0.6619, the next stop would be intermediate resistance at 0.634, the March 21 high ahead of March 8, and the latest higher high at 0.6667.

On the other hand, the AUD/USD first support would be the 100-day moving average (DMA) at 0.6600. A breach of the latter will expose the April 5 low of 0.6549, followed by the confluence of the 50/200-DMA at 0.6543.

AUD/USD

Overview
Today last price 0.6604
Today Daily Change 0.0026
Today Daily Change % 0.40
Today daily open 0.6578
 
Trends
Daily SMA20 0.6556
Daily SMA50 0.6545
Daily SMA100 0.6603
Daily SMA200 0.6545
 
Levels
Previous Daily High 0.6594
Previous Daily Low 0.6549
Previous Weekly High 0.6619
Previous Weekly Low 0.6481
Previous Monthly High 0.6667
Previous Monthly Low 0.6478
Daily Fibonacci 38.2% 0.6566
Daily Fibonacci 61.8% 0.6577
Daily Pivot Point S1 0.6554
Daily Pivot Point S2 0.6529
Daily Pivot Point S3 0.6509
Daily Pivot Point R1 0.6598
Daily Pivot Point R2 0.6618
Daily Pivot Point R3 0.6643

 

 

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