- US Dollar Index rebounds to 101.50 area ahead of US session.
- US stock index futures fall into the negative territory.
- US Durable Goods Orders in February is expected to decline by 0.8%.
The AUD/USD pair extended its recovery into the fourth straight day on Wednesday and touched a fresh weekly high of 0.6073 before erasing a large portion of its gains ahead of the American session. As of writing, the pair was trading at 0.6002, still adding 0.8% on a daily basis.
The souring market sentiment seems to be making it difficult for the risk-sensitive AUD to find demand in the last hour. Major European equity indexes slumped into the negative territory as the positive impact of the US announcement of a $2 trillion stimulus package started to fade away on Wednesday. Furthermore, US stock index futures made a sharp U-turn with the S&P 500 futures erasing 1% on the day.
DXY rebounds to 101.50
On the other hand, the US Dollar Index (DXY), which dropped to a session low of 101.05, is now trading near the 101.50 mark with small daily losses as the greenback is finding demand as a relatively safer alternative.
In the second half of the day, February Durable Good Orders data from the US will be looked upon for fresh impetus. Markets expect the data to come in at -0.8% following January's reading of -0.2%.
There won't be any significant macroeconomic data releases featured in the Australian economic docket on Thursday and the USD's market valuation is likely to continue to drive the pair's action.
Technical levels to watch for
|Today last price||0.6013|
|Today Daily Change||0.0055|
|Today Daily Change %||0.92|
|Today daily open||0.5958|
|Previous Daily High||0.5976|
|Previous Daily Low||0.5806|
|Previous Weekly High||0.6307|
|Previous Weekly Low||0.5509|
|Previous Monthly High||0.6775|
|Previous Monthly Low||0.6434|
|Daily Fibonacci 38.2%||0.5911|
|Daily Fibonacci 61.8%||0.5871|
|Daily Pivot Point S1||0.585|
|Daily Pivot Point S2||0.5743|
|Daily Pivot Point S3||0.568|
|Daily Pivot Point R1||0.602|
|Daily Pivot Point R2||0.6083|
|Daily Pivot Point R3||0.619|
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.