AUD/USD reverses an early dip to over 1-month lows

AUD/USD recovers around 20 pips from over one-month lows set earlier.
A modest USD pullback was seen as a key factor lending some support.

Haresh Menghani FXStreet

The AUD/USD pair maintained its softer tone through the mid-European session on Tuesday, albeit has managed to recover a major part of the early slide to over one-month lows.

The pair extended its recent pullback and witnessed some follow-through selling for the fourth consecutive session on Tuesday. Bulls, however, showed some resilience below mid-0.6800s and the pair attracted some dip-buying interest amid a modest US dollar pullback.

AUD/USD bounces off lows on softer USD

The greenback failed to capitalize on its early uptick and was pressurised by an intraday downfall in the US Treasury bond yields. Concerns of the corona-virus outbreak in China led to a turnaround in the global risk sentiment and boosted demand for traditional safe-haven assets, including the US Treasuries.

Meanwhile, the anti-risk flow held investors from placing any aggressive bullish bets around perceived riskier currencies, like the aussie. This might turn out to be the only factor capping any further recovery for the major amid absent relevant market moving economic releases from the US.

Technical levels to watch

AUD/USD

Overview
Today last price	0.6865
Today Daily Change	-0.0010
Today Daily Change %	-0.15
Today daily open	0.6875

Trends
Daily SMA20	0.6927
Daily SMA50	0.687
Daily SMA100	0.6843
Daily SMA200	0.6885

Levels
Previous Daily High	0.6889
Previous Daily Low	0.6855
Previous Weekly High	0.6935
Previous Weekly Low	0.6871
Previous Monthly High	0.7033
Previous Monthly Low	0.6762
Daily Fibonacci 38.2%	0.6868
Daily Fibonacci 61.8%	0.6876
Daily Pivot Point S1	0.6857
Daily Pivot Point S2	0.6839
Daily Pivot Point S3	0.6823
Daily Pivot Point R1	0.6891
Daily Pivot Point R2	0.6907
Daily Pivot Point R3	0.6925

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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