AUD/USD stuck in range above daily pivot, NFP eyed

Dhwani Mehta FXStreet

The AUD/USD pair faced rejection just ahead of hourly 200-SMA at 0.7428, and then drifted lower to test 0.74 handle, before recovering some ground to now trade muted around 0.7415 region.

AUD/USD awaits NFP

Currently, the AUD/USD pair trades almost unchanged at 0.7416, retreating slightly from session lows struck at 0.7409 earlier on the day. The Aussie is seen oscillating back and forth in a 25-pips narrow range, unable to benefit much from a better-than expected Australian retail sales print, which came in at +0.5% m/m in Oct versus 0.3% expected and +0.6% previous.

The bearish consolidation phase seen in the AUD/USD pair over last hours, is mainly on the back of risk-aversion as markets refrain from placing any directional bets on the spot ahead of the US payrolls data and weekend’s Italy vote.

Moreover, heavy losses seen in the commodities’ prices, especially oil and copper, also keeps any upside check in the resource-linked AUD. Besides, the US NFP release, the major will also get influenced by the broader market sentiment and Fedspeaks in the day ahead.

AUD/USD Levels to watch

The pair finds the immediate resistance at 0.7428/33 (1h 200-SMA/ daily top) above which gains could be extended to the next hurdle located 0.7450 (20-DMA) and 0.7505 (Nov 17 high). On the flip side, the immediate support located 0.7400 (round number). Selling pressure is likely to intensify below the last, dragging the Aussie to 0.7381 (daily S1) and below that at 0.7366 (Dec 1 low).

	TREND INDEX	OB/OS INDEX	VOLATILY INDEX
15M	Bullish	Neutral	High
1H	Slightly Bullish	Neutral	Low
4H	Bullish	Neutral	Expanding
1D	Bearish	Neutral	Low
1W	Bullish	Overbought	High
Updated Dec 1, 03:30 GMT

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.

EUR/USD keeps the rangebound trade near 1.1850

EUR/USD is still under pressure, drifting back towards the 1.1850 area as Monday’s session draws to a close. The modest decline in spot comes as the US Dollar picks up a bit of support, while thin liquidity and muted volatility, thanks to the US market holiday, are exaggerating price swings and keeping trading conditions choppy.

GBP/USD flirts with daily lows near 1.3630

GBP/USD has quickly given back Friday’s solid gains, turning lower at the start of the week and drifting back towards the 1.3630 area. The focus now shifts squarely to Tuesday’s UK labour market report, which is likely to keep the quid firmly in the spotlight and could set the tone for Cable’s next move.

Gold sticks to a negative bias below $5,000; lacks bearish conviction

Gold remains depressed for the second consecutive day and trades below the $5,000 psychological mark during the Asian session on Tuesday, as a positive risk tone is seen undermining safe-haven assets. Meanwhile, bets for more interest rate cuts by the Fed keep a lid on the recent US Dollar bounce and act as a tailwind for the non-yielding bullion, warranting caution for bearish traders ahead of FOMC minutes on Wednesday.

AI Crypto Update: Bittensor eyes breakout as AI tokens falter

The artificial intelligence (AI) cryptocurrency segment is witnessing heightened volatility, with top tokens such as Near Protocol (NEAR) struggling to gain traction amid the persistent decline in January and February.

US CPI is cooling but what about inflation?

The January CPI data give the impression that the Federal Reserve is finally winning the war against inflation. Not only was the data cooler than expected, but it’s also beginning to edge close to the mystical 2 percent target. CBS News called it “the best inflation news we've had in months.”

XRP steadies in narrow range as fund inflows, futures interest rise

Ripple is trading in a narrow range between $1.45 (immediate support) and $1.50 (resistance) at the time of writing on Monday. The remittance token extended its recovery last week, peaking at $1.67 on Sunday from the weekly open at $1.43.