AUD/USD stays in tight consolidation channel above 0.6850


  • China publishes list of US imports exempt from tariffs. 
  • Consumer confidence in Australia is expected to deteriorate in September. 
  • US Dollar Index climbs to weekly highs above 98.50.

The AUD/USD pair came under modest bearish pressure during the Asian trading hours following the disappointing data from Australia and dropped below 0.6850. However, renewed optimism surrounding the US-China trade conflict allowed the AUD to recover its losses. Nevertheless, the broad USD strength in the second half of the day didn't allow the pair, which was last virtually unchanged on the day at 0.6860, to post any meaningful gains.

Consumer sentiment weakens in Australia

The data published by the Faculty of Economics and Commerce Melbourne Institute on Wednesday revealed that the Consumer Confidence Index dropped to -1.7% in September from +3.6% in August. Assessing the data, “The consumer mood has lapsed back into slight negative territory again with continued pressure on family finances and concerns about the near term outlook weighing on sentiment,” said Westpac analyst Bill Evans.

Later in the day, China's Finance Ministry published a list of US imports that will be exempt from retaliatory tariffs and raised expectations of next months high-level trade talks in the US leading to a deal and helped antipodeans stay resilient against its rivals.

On the other hand, the selling pressure surrounding major European currencies today helped the Greenback continue to find demand and lifted the US Dollar Index to a fresh weekly high of 98.75. At the moment, the DXY is up 0.3% on the day at 98.63.

On Thursday, Consumer Inflation Expectations and Investment Lending for Homes figures from Australia will be looked upon for fresh impetus. The US Economic docket will feature the Consumer Price Index (CPI) data.

Technical levels to watch for

AUD/USD

Overview
Today last price 0.6862
Today Daily Change 0.0002
Today Daily Change % 0.03
Today daily open 0.686
 
Trends
Daily SMA20 0.6776
Daily SMA50 0.6862
Daily SMA100 0.6909
Daily SMA200 0.7019
Levels
Previous Daily High 0.6871
Previous Daily Low 0.6848
Previous Weekly High 0.6862
Previous Weekly Low 0.6687
Previous Monthly High 0.6869
Previous Monthly Low 0.6676
Daily Fibonacci 38.2% 0.6857
Daily Fibonacci 61.8% 0.6862
Daily Pivot Point S1 0.6848
Daily Pivot Point S2 0.6837
Daily Pivot Point S3 0.6825
Daily Pivot Point R1 0.6871
Daily Pivot Point R2 0.6883
Daily Pivot Point R3 0.6894

 

 

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