- US dollar rises across the board amid higher US yields.
- AUD/USD trims Tuesday’s gains, bearish pressure mounts.
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.
|Today last price||0.7779|
|Today Daily Change||-0.0049|
|Today Daily Change %||-0.63|
|Today daily open||0.7828|
|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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