AUD/USD prints fresh lows around 0.7770 as the US dollar gains momentum


  • US dollar rises across the board amid higher US yields.
  • AUD/USD trims Tuesday’s gains, bearish pressure mounts.

The AUD/USD pair dropped further and printed a fresh daily low at 0.7769 amid a stronger US dollar across the board. The driver of the last leg higher were US yields.

Economic data from the US came in below expectations. The ADP report showed an increase in employment of 117K in February below the 177K of market consensus. The ISM Service sector data surprised to the downside with the main index falling from 58.7 to 55.3; the price index jumped from 64.2 to 71.8. The numbers were mostly ignored by market participants. 

On Wall Street, the Dow Jones is falling 0.08% and the Nasdaq by more than 1%. Both indices traded mostly positive in the futures market prior to the opening. The reversal weighed on AUD/USD. Also, metals turned sharply to the downside.

From a technical perspective, the recovery of AUD/USD has run into resistance at 0.7835/40. Price is testing a short-term uptrend line around 0.7770/75, and a break lower should point to more losses. The next support is seen at 0.7730 and then at 0.7705.

Technical levels

AUD/USD

Overview
Today last price 0.7779
Today Daily Change -0.0049
Today Daily Change % -0.63
Today daily open 0.7828
 
Trends
Daily SMA20 0.7773
Daily SMA50 0.7725
Daily SMA100 0.7513
Daily SMA200 0.7298
 
Levels
Previous Daily High 0.7838
Previous Daily Low 0.7736
Previous Weekly High 0.8008
Previous Weekly Low 0.7692
Previous Monthly High 0.8008
Previous Monthly Low 0.7562
Daily Fibonacci 38.2% 0.7799
Daily Fibonacci 61.8% 0.7775
Daily Pivot Point S1 0.7763
Daily Pivot Point S2 0.7698
Daily Pivot Point S3 0.766
Daily Pivot Point R1 0.7865
Daily Pivot Point R2 0.7903
Daily Pivot Point R3 0.7968

 

 

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