• AUD/USD is expected to deliver more gains above 0.6650 amid a cheerful market mood.
  • Aussie Manufacturing and Services PMI have dropped to 52.4 and 49.1 respectively.
  • Going forward, FOMC minutes and US Durable Goods Orders will be of significant importance.

The AUD/USD pair is hovering around the critical hurdle of 0.6650 in the early Asian session. The asset is expected to extend its gains above the aforementioned hurdle despite a decline in Aussie S&P PMI data.

The S&P Global Manufacturing PMI has dropped to 52.4 against the former release of 52.7 and the Services PMI has declined to 49.1 in comparison with 49.3, the prior release. A decline in PMI numbers could have a harsh impact on the Aussie dollar but may add to the slowdown filters for inflation.

The economic activities could have been impacted due to a fall in consumer spending led by rising inflation and accelerating interest rates. This may force goods and services providers to favor a decline in price growth ahead.

Meanwhile, a significant recovery in the risk-on profile as investors have shrugged off uncertainty amid rising Covid-19 infections in China has supported the antipodean. However, the US dollar index (DXY) has witnessed the termination of the three-day winning streak. The mighty DXY has dropped below 107.20 and is expected to remain on tenterhooks ahead amid uncertainty over the release of the Federal Open Market Committee minutes (FOMC), which will release on Thursday.

But before that, US Durable Goods Orders data will be of utmost importance. The economic data is seen as stable at 0.4%. An improvement in demand for durable goods could dampen the efforts of the Fed chair Jerome Powell who is working hard to slow down consumer spending.

On the Aussie front, mixed commentary from the Reserve Bank of Australia (RBA) Governor Philip Lowe on the interest rate guidance has created ambiguity in the minds of investors. While delivering a speech titled "Price Stability, the Supply Side, and Prosperity" at the Annual Committee for Economic Development, RBA Governor cited the absence of a pre-set path and stated that the central bank could return to a 50 bps rate hike or keep policy stance ‘unchanged’ for a period of time.

AUD/USD

Overview
Today last price 0.6647
Today Daily Change 0.0043
Today Daily Change % 0.65
Today daily open 0.6604
 
Trends
Daily SMA20 0.6528
Daily SMA50 0.6489
Daily SMA100 0.6693
Daily SMA200 0.6945
 
Levels
Previous Daily High 0.6684
Previous Daily Low 0.6585
Previous Weekly High 0.6798
Previous Weekly Low 0.6634
Previous Monthly High 0.6548
Previous Monthly Low 0.617
Daily Fibonacci 38.2% 0.6623
Daily Fibonacci 61.8% 0.6646
Daily Pivot Point S1 0.6564
Daily Pivot Point S2 0.6525
Daily Pivot Point S3 0.6465
Daily Pivot Point R1 0.6664
Daily Pivot Point R2 0.6724
Daily Pivot Point R3 0.6764

 

 

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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news Join Telegram

Recommended content


Recommended content

Editors’ Picks

EUR/USD clings to modest gains above 1.0500

EUR/USD clings to modest gains above 1.0500

EUR/USD clings to modest daily gains above 1.0500 heading into the American session as the US Dollar struggles to find demand following Monday's rally. The modest improvement in market mood seems to be helping the pair edge higher amid a lack of high-tier data releases.

EUR/USD News

GBP/USD gains traction, climbs toward 1.2250

GBP/USD gains traction, climbs toward 1.2250

GBP/USD gathered bullish momentum and advanced toward 1.2250 during the European trading hours on Tuesday. The positive shift witnessed in risk sentiment makes it difficult for the US Dollar to preserve its strength, helping the pair stretch higher.

GBPUSD News

Gold advances to $1,780 as US yieds edge lower

Gold advances to $1,780 as US yieds edge lower

Gold price gained traction and climbed to the $1,780 area on Tuesday. Following Monday's 2.5% increase, the benchmark 10-year US Treasury bond yield is down nearly 1% on the day at around 3.55%, fueling XAU/USD's rebound.

Gold News

Jim Cramer urges investors to sell crypto holdings, says XRP, Cardano, Dogecoin and MATIC could go to $0

Jim Cramer urges investors to sell crypto holdings, says XRP, Cardano, Dogecoin and MATIC could go to $0

Jim Cramer is an American TV personality and host of the Mad Money show on CNBC. Cramer urged investors on December 5 to sell their crypto holdings before it is too late. 

Read more

Preparation week ahead of Fed, ECB, BoE

Preparation week ahead of Fed, ECB, BoE

This week will prepare markets for the last key events of the year: policy meetings by the Fed, ECB and BoE on 14-15 December. It looks like the dollar's long positioning has now completely faded.

Read more

Forex MAJORS

Cryptocurrencies

Signatures