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.

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