• AUD/USD stalls rebound amid growing Omicron concerns in Australia.
  • DXY traders remain in a wait-and-see mode amid light trading.
  • Focus shifts to US economic data for fresh trading impetus.

AUD/USD is defending minor bids above 0.7200, having staged a modest comeback from the Asian session lows of 0.7213.

The bulls are losing steam amid a cautious tone prevalent in the market, courtesy of the looming risks from the Omicron covid variant contagion.

Omicron covid cases exploded and the hospitalization rate rose across Australia on Wednesday, prompting Prime Minister Scott Morrison to schedule an emergency national cabinet meeting ahead of schedule on Thursday.

Earlier on, the aussie’s rebound was triggered by encouraging news on the Sino-Australian trade front. China’s Commerce Ministry announced that Beijing is raising the import quota on Australian wool in 2022 to 40,203 tonnes. The latest statement from China suggests easing of the trade tensions between the two close trading partners.

Amid thin year-end liquidity conditions, the US dollar and the Treasury yields remain on the defensive aiding the recovery in the aussie pair. The dollar bulls shrug off the rising inflation expectations and bets of March Fed rate hike, as year-end flows remain in play.

Next of relevance for the pair remains the US Trade data and Pending Home Sales for fresh trading impetus. Omicron updates worldwide will be also closely followed.

AUD/USD: Additional levels to consider

AUD/USD

Overview
Today last price 0.7230
Today Daily Change 0.0000
Today Daily Change % 0.00
Today daily open 0.723
 
Trends
Daily SMA20 0.715
Daily SMA50 0.7272
Daily SMA100 0.7292
Daily SMA200 0.7451
 
Levels
Previous Daily High 0.7265
Previous Daily Low 0.7218
Previous Weekly High 0.7253
Previous Weekly Low 0.7081
Previous Monthly High 0.7537
Previous Monthly Low 0.7063
Daily Fibonacci 38.2% 0.7236
Daily Fibonacci 61.8% 0.7247
Daily Pivot Point S1 0.721
Daily Pivot Point S2 0.7191
Daily Pivot Point S3 0.7164
Daily Pivot Point R1 0.7257
Daily Pivot Point R2 0.7284
Daily Pivot Point R3 0.7303

 

 

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