AUD/USD: Sellers continue to lurk near 0.7170, NAB data still weighs

NAB business conditions figure collapses in December, knocks off the Aussie dollar.
Subdued US dollar, RBA’s Harper aid the recovery, but risk-off limits the upside.
The sentiment to be driven by US-China trade headlines ahead of Australian Q4 CPI report.

Dhwani Mehta FXStreet

The AUD/USD pair bounced-off lows near 0.7140 region and attempted a tepid recovery last hours, only to find stiff resistance near the 0.7170 level, as markets trade cautiously amid looming US-China trade talks and concerns over the global economic outlook.

Moreover, the terrible NAB business condition data out of Australia released earlier today also continues to keep any recovery attempts capped. The Australian business conditions for December slumped 9 points to 2, under the long term average of 6. Meanwhile, the business confidence steadied at 3, doing little to help the AUD bulls.

Meanwhile, broad-based US dollar softness on expectations of a pause in the Fed’s policy tightening combined with a dovish FOMC decision on Wednesday cushion the downside in the Aussie. The USD index meanders near nine-day lows of 95.64 amid mixed Treasury yields heading into the two-day Fed monetary policy meeting commencing this Tuesday. Also, slightly hawkish comments from the RBA’s Harper offer some support to the OZ currency.

In the meantime, the focus remains on the US consumer confidence data and broader markets sentiment for near-term trading opportunities while the Australian Q4 CPI report could offer a fresh direction on the prices.

AUD/USD Technical Levels

AUD/USD

Overview:
    Today Last Price: 0.7159
    Today Daily change: -9 pips
    Today Daily change %: -0.13%
    Today Daily Open: 0.7168
Trends:
    Daily SMA20: 0.7141
    Daily SMA50: 0.717
    Daily SMA100: 0.717
    Daily SMA200: 0.7299
Levels:
    Previous Daily High: 0.7205
    Previous Daily Low: 0.716
    Previous Weekly High: 0.7185
    Previous Weekly Low: 0.7076
    Previous Monthly High: 0.7394
    Previous Monthly Low: 0.7014
    Daily Fibonacci 38.2%: 0.7177
    Daily Fibonacci 61.8%: 0.7188
    Daily Pivot Point S1: 0.7151
    Daily Pivot Point S2: 0.7133
    Daily Pivot Point S3: 0.7106
    Daily Pivot Point R1: 0.7196
    Daily Pivot Point R2: 0.7223
    Daily Pivot Point R3: 0.7241

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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