- DXY eases, helps the Aussie recovery.
- But upside appears limited amid bearish technical bias and thin trades.
- Focus shifts to US housing data for fresh trading impetus.
The AUD/USD pair picked up fresh bids and broke its Asian range trade to the upside, clinching fresh session highs near 0.7160 region, as the US dollar extends its pullback from two-week tops against its major rivals after the Mueller report revealed the US President Trump actions to impede the inquiry.
The greenback rallied to the highest levels since end-March at 97.48 after the US March retail sales report showed that the American consumer spending witnessed the fastest expansion in 18 months. The recent slew of upbeat US fundamentals quelled concerns over a slowing US economy and collaborated to the broad USD strength.
However, the further upside appears to lack follow-through amid Easter holiday-thinned trades and a lack of fresh catalysts while the technical indicators continue to back the case for the downside bias.
In the day ahead, the spot will continue to get influenced by the sentiment around the US dollar, as attention turns towards the US housing starts and building permits data due later today at 1230 GMT. Note that the US data is likely to have limited impact on the dollar trades, as most traders are already out on a 4-day Easter holiday season.
AUD/USD Technical Levels
|Today last price||0.7152|
|Today Daily Change||0.0002|
|Today Daily Change %||0.03|
|Today daily open||0.7149|
|Previous Daily High||0.72|
|Previous Daily Low||0.7136|
|Previous Weekly High||0.7193|
|Previous Weekly Low||0.7087|
|Previous Monthly High||0.7168|
|Previous Monthly Low||0.7002|
|Daily Fibonacci 38.2%||0.716|
|Daily Fibonacci 61.8%||0.7175|
|Daily Pivot Point S1||0.7123|
|Daily Pivot Point S2||0.7097|
|Daily Pivot Point S3||0.7059|
|Daily Pivot Point R1||0.7187|
|Daily Pivot Point R2||0.7226|
|Daily Pivot Point R3||0.7252|
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.