• AUD/USD bulls face an uphill battle after mixed Australian Trade, Retail Sales data.
  • The US dollar slips as Fed Chair Powell says ‘patience’ on rate hike after taper
  • All eyes on the RBA Monetary Policy Statement and the US NFP release due Friday.

AUD/USD is off the highs but holds above the 0.7450 level following the release of the Australian Trade Balance and Retail Sales data, which came in mixed for September.

Read: Aussie Trade Balance surplus a positive for AUD

Despite the retracement, the aussie keeps its recovery mode intact amid the risk-on market mood. The Japanese traders return from a holiday and drive the Nikkei 225 index about 1% higher on the day, tracking another record run on Wall Street overnight. Meanwhile, the ASX 200 is adding 0.20% so far.

The upbeat mood can be attributed to the dovish comments from Fed Chair Jerome Powell, which failed to offer any fuel to the mid-2022 rate hike expectations. The Fed did announce the widely expected $15 billion worth of tapering on Wednesday but noted that the lift-off test is not met on the employment goal.

The dovish comments from Powell knocked the US dollar down, triggering a fresh upswing in the riskier assets such as the aussie dollar. Post-Fed, the currency pair is on a rebound from the lows of 0.7413, currently trading at 0.7461, up 0.22% on the day.

As the dust settles over the Fed’s aftermath, markets will shift their attention towards Friday’s Monetary Policy Statement from the Reserve Bank of Australia (RBA) and the US NFP release. Meanwhile, the pair will take cues from the US weekly jobless claims data and the risk tone for fresh trading opportunities.  

AUD/USD: Technical levels to watch out

AUD/USD

Overview
Today last price 0.7461
Today Daily Change 0.0013
Today Daily Change % 0.17
Today daily open 0.7448
 
Trends
Daily SMA20 0.7442
Daily SMA50 0.7361
Daily SMA100 0.7383
Daily SMA200 0.7555
 
Levels
Previous Daily High 0.7459
Previous Daily Low 0.7412
Previous Weekly High 0.7557
Previous Weekly Low 0.7463
Previous Monthly High 0.7557
Previous Monthly Low 0.7191
Daily Fibonacci 38.2% 0.7441
Daily Fibonacci 61.8% 0.743
Daily Pivot Point S1 0.742
Daily Pivot Point S2 0.7392
Daily Pivot Point S3 0.7373
Daily Pivot Point R1 0.7468
Daily Pivot Point R2 0.7487
Daily Pivot Point R3 0.7515

 

 

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