AUD/USD retreats modestly after rising above 0.7400, eyes on US data

AUD/USD consolidates daily gains below 0.7400 ahead of American session.
US Dollar Index stays in the negative territory near 92.00.
Focus shifts to US Q2 GDP and weekly Initial Jobless Claims data.

Eren Sengezer FXStreet

The AUD/USD pair rose to a 10-day high of 0.7414 during the European trading hours on Thursday before going into a consolidation phase. As of writing, the pair was up 0.22% on the day at 0.7393.

USD remains on the back foot ahead of US data

As expected, the FOMC announced on Wednesday that it left its policy settings unchanged. During the press conference, Chairman Jerome Powell acknowledged that policymakers started debating how and when they will be adjusting asset purchases. However, Powell refrained from signalling that tapering could begin before the end of the year and caused the USD to weaken against its rivals.

The US Dollar Index closed in the negative territory for the third straight day on Wednesday and was last seen losing 0.25% at 92.03.

Earlier in the day, the data from Australia showed that the Import Price Index and the Export Price Index rose 1.9% and 13.2%, respectively, in the second quarter. Nevertheless, these figures failed to trigger a noticeable market reaction.

Later in the session, the US Department of Labor's weekly Initial Jobless Claims data and the US Bureau of Economic Analysis' first estimate of the second quarter Gross Domestic Product growth will be watched closely by market participants.

Technical levels to watch for

AUD/USD

Overview
Today last price	0.7394
Today Daily Change	0.0017
Today Daily Change %	0.23
Today daily open	0.7377

Trends
Daily SMA20	0.7428
Daily SMA50	0.7571
Daily SMA100	0.7643
Daily SMA200	0.7597

Levels
Previous Daily High	0.7386
Previous Daily Low	0.7317
Previous Weekly High	0.7417
Previous Weekly Low	0.7288
Previous Monthly High	0.7794
Previous Monthly Low	0.7477
Daily Fibonacci 38.2%	0.736
Daily Fibonacci 61.8%	0.7343
Daily Pivot Point S1	0.7334
Daily Pivot Point S2	0.7291
Daily Pivot Point S3	0.7265
Daily Pivot Point R1	0.7403
Daily Pivot Point R2	0.7429
Daily Pivot Point R3	0.7472

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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