AUD/USD rebounds to 0.7350, eyes on Fedspeak

AUD/USD fluctuates in a relatively tight range on Monday.
US Dollar Index stays flat below 93.00 ahead of Fedspeak.
July New Home Sales data will be featured in Australian economic docket on Tuesday.

Eren Sengezer FXStreet

After losing more than 50 pips on Friday, the AUD/USD pair started the new week under modest bearish pressure and dropped to its lowest level since August 2 at 0.7329. With the market action turning subdued in the absence of high-tier data releases, however, the pair managed to erase its losses and was last seen trading flat on the day at 0.7353.

USD rally loses steam on Monday

The renewed USD strength on the back of the upbeat July jobs report on Friday weighed on AUD/USD. The US Bureau of Labor Statistics reported on Friday that Nonfarm Payrolls increased by 943,000 in July, surpassing the market expectation of 870,000, and the US Dollar Index (DXY) reached its strongest level in two weeks at 92.92. Currently, the DXY is virtually unchanged at 92.78.

Later in the session, June JOLTS Job Openings data will be looked upon for fresh impetus. Additionally, Richmond Federal Reserve President Thomas Barkin and Atlanta Federal Reserve President Raphael Bostic will be delivering speeches. Investors look for clues regarding the timing of asset tapering.

On Tuesday, the HIA New Home Sales and National Australia Bank's Business Conditions and Business Confidence data will be featured in the Australian economic docket.

Technical levels to watch for

AUD/USD

Overview
Today last price	0.7352
Today Daily Change	-0.0004
Today Daily Change %	-0.05
Today daily open	0.7356

Trends
Daily SMA20	0.7389
Daily SMA50	0.7519
Daily SMA100	0.7616
Daily SMA200	0.7607

Levels
Previous Daily High	0.7408
Previous Daily Low	0.7346
Previous Weekly High	0.7427
Previous Weekly Low	0.7328
Previous Monthly High	0.7599
Previous Monthly Low	0.7288
Daily Fibonacci 38.2%	0.7369
Daily Fibonacci 61.8%	0.7384
Daily Pivot Point S1	0.7332
Daily Pivot Point S2	0.7307
Daily Pivot Point S3	0.7269
Daily Pivot Point R1	0.7394
Daily Pivot Point R2	0.7432
Daily Pivot Point R3	0.7457

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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