AUD/USD moving sideways between 0.7100 and 0.7160

AUD/USD is moving sideways above 0.7100
The aussie consolidates gains in a risk-off session.
On Tuesday, all eyes will be on RBA's speakers.

Guillermo Alcala FXStreet

Australian dollar’s recovery from last week lows at 0.7020 has stalled on Monday below 0,7160. The pair has been moving within previous ranges, supported above above 0.7100.

The Aussie consolidates amid an adverse market sentiment

The AUD/USD has been moving without a clear direction on Monday, consolidating gains in a strongly risk-averse market. The global increase of COVID-19 cases has been the main market driver today, with the investors rushing for safety following reports of record coronavirus infections in the US and France and Spain introducing the state of emergency for the second time.

The US dollar has outperformed its main peers, buoyed by strong demand for safe assets, with equity markets posting significant declines. The USD Index shows a 0.3% daily increase at the time of writing.

On the macroeconomic front, September’s preliminary Australian trade balance has shown a larger than expected surplus although the impact on the Aussie has been muted.

On Tuesday all eyes will be on the speech of the Deputy Governor of the Reserve Bank of Australia, Guy Debelle and the Assistant Governor Michele Bullock. The dovish monetary policy minutes released last week have increased the expectations of a rate cut in November. Any more evidence on that line might increase negative pressure on the Aussie.

Technical levels to watch

AUD/USD

Overview
Today last price	0.7127
Today Daily Change	-0.0012
Today Daily Change %	-0.17
Today daily open	0.7139

Trends
Daily SMA20	0.7137
Daily SMA50	0.7199
Daily SMA100	0.7107
Daily SMA200	0.6794

Levels
Previous Daily High	0.7159
Previous Daily Low	0.71
Previous Weekly High	0.7159
Previous Weekly Low	0.702
Previous Monthly High	0.7414
Previous Monthly Low	0.7004
Daily Fibonacci 38.2%	0.7136
Daily Fibonacci 61.8%	0.7123
Daily Pivot Point S1	0.7106
Daily Pivot Point S2	0.7074
Daily Pivot Point S3	0.7047
Daily Pivot Point R1	0.7165
Daily Pivot Point R2	0.7192
Daily Pivot Point R3	0.7224

Author

Guillermo Alcala

FXStreet

Graduated in Communication Sciences at the Universidad del Pais Vasco and Universiteit van Amsterdam, Guillermo has been working as financial news editor and copywriter in diverse Forex-related firms, like FXStreet and Kantox.

EUR/USD weakens as US jobs data trims Fed rate cut bets

The EUR/USD pair trades in negative territory for the third consecutive day near 1.1860 during the early European session on Thursday. Traders will keep an eye on the US weekly Initial Jobless Claims data. On Friday, the attention will shift to the US Consumer Price Index inflation report.

GBP/USD holds above 1.3600 after UK data dump

\GBP/USD moves little while holding above 1.3600 in the European session on Thursday, following the release of the UK Q4 preliminary GDP, which showed a 0.1% growth against a 0.2% increase expected. The UK industrial sector activity deteriorated in Decembert, keeping the downward pressure intact on the Pound Sterling.

Gold remains on the defensive below two-week top; lacks bearish conviction amid mixed cues

Gold sticks to modest intraday losses through the Asian session on Thursday, though it lacks follow-through selling and remains close to a nearly two-week high, touched the previous day. The commodity currently trades above the $5,070 level, down just over 0.20% for the day, amid mixed cues.

Cardano eyes short-term rebound as derivatives sentiment improves

Cardano (ADA) is trading at $0.257 at the time of writing on Thursday, after slipping more than 4% so far this week. Derivatives sentiment improves as ADA’s funding rates turn positive alongside rising long bets among traders.

The market trades the path not the past

The payroll number did not just beat. It reset the tone. 130,000 vs. 65,000 expected, with a 35,000 whisper. 79 of 80 economists leaning the wrong way. Unemployment and underemployment are edging lower. For all the statistical fog around birth-death adjustments and seasonal quirks, the core message was unmistakable. The labour market is not cracking.

Sonic Labs’ vertical integration fuels recovery in S token

Sonic, previously Fantom (FTM), is extending its recovery trade at $0.048 at the time of writing, after rebounding by over 12% the previous day. The recovery thesis’ strengths lie in the optimism surrounding Sonic Labs’ Wednesday announcement to shift to a vertically integrated model, aimed at boosting S token utility.