- Thin trading for the Aussie, which remains wrapped up under the 0.7150 level.
- Despite the USD's recent weakness, the AUD is unable to capitalize meaningfully ahead of Thursday's major employment report.
The AUD/USD is trading flatly near 0.7140 after seeing little movement in Tuesday's action, ending the day barely ten pips up from where it started as broader markets keep their eyes locked elsewhere.
Data remains thin for the Aussie, which already saw little to no action on yesterday's Reserve Bank of Australia (RBA) Meeting Minutes and China CPI/PPI figures, and the Antipodean major pair can be expected to continue treading water as US Dollar flows drive the major market themes.
The AUD is drastically under-represented on Wednesday's economic calendar, and the pair will remain exposed to overall swings in risk appetite, though the US FOMC's latest Minutes will be dropping later in the day at 18:00 GMT, which could give Greenback bidders something to trade about.
AUD/USD levels to watch
The AUD/USD is leaning into the bullish camp as flat trading sees the Aussie taking small steps upwards, or rather the Greenback downwards; according to FXStreet's own Valeria Bednarik, "the pair offers a bullish stance in the short term, not far from a fresh 2-week high of 0.7150 reached in the American session. The 4 hours chart for the pair shows that a bullish 20 SMA has been leading the way higher, but also that sellers have capped the intraday advance around a bearish 100 SMA. Technical indicators in the mentioned chart have bounced from their midlines, maintaining upward slides but below their previous weekly highs, indicating buyers are still cautious. (Thursday's employment) data could be a make it or break it for the pair, with a bullish continuation expected on a run through 0.7160, the 61.8% retracement of the latest daily slump."
Support levels: 0.7110 0.7085 0.7040
Resistance levels: 0.7160 0.7195 0.7220
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.
Recommended content
Editors’ Picks
AUD/USD favours extra retracements in the short term
AUD/USD kept the negative stance well in place and briefly broke below the key 0.6400 support to clinch a new low for the year on the back of the strong dollar and mixed results from the Chinese docket.
EUR/USD now shifts its attention to 1.0500
The ongoing upward momentum of the Greenback prompted EUR/USD to lose more ground, hitting new lows for 2024 around 1.0600, driven by the significant divergence in monetary policy between the Fed and the ECB.
Gold ascends but remains shy of testing $2,400 amid hawkish Fed remarks
Gold prices edged higher late in North American session, gaining 0.22% following a hawkish tilt by Fed Chair Jerome Powell. Economic data from the United States was mixed, though Monday’s Retail Sales report and Powell’s remarks kept US Treasury yields higher, capping the yellow metal’s advance.
Bitcoin price outlook amid increased demand and speculation pre-halving
Bitcoin price is edging lower as markets count only days to the halving. Nevertheless, the dump has not shaken the faith of large holders as they continue to cling to their holding even after a month of steady dumps.
UK CPI inflation data ahead: Sterling hovering north of key support
Following today's mixed bag of employment and wages data, today’s attention is directed to the March UK CPI inflation release. Both headline and core measures have surprised to the downside in the previous two releases and are expected to demonstrate further evidence of disinflation.