AUD/USD struggles for a firm direction, stuck in a range around 0.6900 mark

AUD/USD struggled to capitalize on the overnight strong rebound from over one-week-lows.
Concerns over rising coronavirus cases globally underpinned demand for the safe-haven USD.
Softer Australian housing data was offset by upbeat Chinese PMI and did little to influence.
Investors now eye US ADP report, ISM PMI and FOMC meeting minutes for a fresh impetus.

Haresh Menghani FXStreet

The AUD/USD pair lacked any firm directional bias and seesawed between tepid gains/minor losses, around the 0.6900 mark through the Asian session on Wednesday.

The pair failed to capitalize on the previous day's goodish bounce of around 90 pips from over one-week lows and remained confined in 30 pips narrow trading band. A combination of diverging forces failed to provide any meaningful impetus and led to a range-bound price moves through the first half of trading action on Wednesday.

The stronger than expected China's Caixin Manufacturing PMI for June helped offset the disappointing release of Building Permits data from Australia. This coupled with a subdued US dollar demand extended some support to the China-proxy aussie and helped limit any meaningful downside for the AUD/USD pair, at least for the time being.

Meanwhile, concerns about surging coronavirus cases around the world continued weighing on investors' sentiment. This was evident from a cautious mood around the equity markets, which coupled with a strong pickup in the US Treasury bond yields underpinned the safe-haven USD. This, in turn, capped the upside for the AUD/USD pair.

Market participants now look forward to the US economic docket, highlighting the release of the ADP report on private-sector employment and ISM Manufacturing PMI. This followed by minutes of the latest FOMC monetary policy meeting will influence the USD price dynamics and produce some short-term trading opportunities later this Wednesday.

Technical levels to watch

AUD/USD

Overview
Today last price	0.6908
Today Daily Change	0.0005
Today Daily Change %	0.07
Today daily open	0.6903

Trends
Daily SMA20	0.6907
Daily SMA50	0.6676
Daily SMA100	0.6506
Daily SMA200	0.6668

Levels
Previous Daily High	0.6913
Previous Daily Low	0.6832
Previous Weekly High	0.6975
Previous Weekly Low	0.6811
Previous Monthly High	0.7065
Previous Monthly Low	0.6648
Daily Fibonacci 38.2%	0.6882
Daily Fibonacci 61.8%	0.6863
Daily Pivot Point S1	0.6852
Daily Pivot Point S2	0.6801
Daily Pivot Point S3	0.677
Daily Pivot Point R1	0.6934
Daily Pivot Point R2	0.6964
Daily Pivot Point R3	0.7015

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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