• The AUD/USD fails to reclaim the 0.7500 mark for the seventh straight trading day.
  • Mixed US macroeconomic data was no excuse for the greenback to rally vs. most G8 currencies.
  • AUD/USD Price Forecast: The pair topped around the 0.7500 mark, exposing the AUD/USD to downward pressure.

The AUD/USD barely advances during the North American session as the market mood turns sour. US equities are recording losses, while US Treasury yields in the short-end of the curve are rising more than long-dated maturities, signaling that the US economy might slow down on aggressive Fed hiking. At the time of writing, the AUD/USD is trading at 0.7490.

Mixed US economic data and a risk-off mood boost the USD

Factors like the Russo-Ukraine conflict, and elevated global prices, shifted investors’ mood. Earlier in the day, the US Department of Labour unveiled March’s Nonfarm Payrolls report, which came at 431K jobs added, lower than the 490K foreseen by economists. Although that was slightly low than estimated, forecasts were from 0 to 700K, so the market perceived it as a solid report. Further, the Unemployment rate lowered from 3.8% YoY in February to 3.6% in March and beat the 3.7% expected.

Later the US ISM Manufacturing PMI, a leading indicator for the industry, fell to 57.1 in March from 58.6 in February, well below the 59 estimations by analysts.

Meanwhile, the US Dollar Index, a gauge of the greenback’s value against its peers, is rising 0.32%, sitting at 98.666, underpinned by high US Treasury yields. The US 10-year benchmark note rises three basis points, at 2.360%, though lower than 2s, which are at 2.428%, inverting the curve for the second time in the week.

AUD/USD Price Forecast: Technical outlook

In the last seven days, AUD/USD price action has been meandering around the 0.7500 mark but so far has failed to sustain above it. It is worth noting that the candlesticks, most of them printed a larger wick on top of the real bodies, suggesting that solid resistance might cap latter moves. Also, failure to reclaim October 28, 2021, daily high at 0.7555, left the pair vulnerable to downward pressure.

Therefore, the AUD/USD first support level would be September 3, 2021, daily high at 0.7478. A sustained break would expose March 7 daily high at 0.7441, followed by 0.7400, and November 15, 2021, daily high at 0.7370.

AUD/USD

Overview
Today last price 0.7490
Today Daily Change 0.0008
Today Daily Change % 0.11
Today daily open 0.7484
 
Trends
Daily SMA20 0.7389
Daily SMA50 0.7254
Daily SMA100 0.7225
Daily SMA200 0.7298
 
Levels
Previous Daily High 0.7527
Previous Daily Low 0.747
Previous Weekly High 0.7537
Previous Weekly Low 0.7372
Previous Monthly High 0.7541
Previous Monthly Low 0.7165
Daily Fibonacci 38.2% 0.7491
Daily Fibonacci 61.8% 0.7505
Daily Pivot Point S1 0.746
Daily Pivot Point S2 0.7436
Daily Pivot Point S3 0.7403
Daily Pivot Point R1 0.7518
Daily Pivot Point R2 0.7551
Daily Pivot Point R3 0.7575

 

 

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