AUD/USD turns south from 0.7190, negative S&P 500 futures weigh


  • AUD bulls struggle to extend the upside amid negative S&P 500 futures.
  • US dollar weakness amid fiscal impasse continues to offer support.
  • Strong Australian jobs report defy Victorian virus concerns.

AUD/USD is consolidating the Asian uptick to a two-day high of 0.7188 in early Europe. The bulls, however, appear to lack follow-through amid a cautious market mood.

The spot gains 0.11% to trade at 0.7168, at the time of writing, maintaining its recovery mode from Wednesday’s drop to 0.7110 troughs.

The sentiment around the aussie remains underpinned by upbeat Australian jobs data, with the economy witnessing jobs addition despite the lockdowns re-imposed in Victoria amid the coronavirus resurgence.

Moreover, broad-based US dollar weakness, induced by falling Treasury yields amid large auction and fiscal stimulus impasse, continues to benefit AUD/USD. Also, a lack of negative news on the US-China front helps keep the buoyant tone intact around the Chinese proxy, the AUD.

However, the bulls seem to struggle to take on the upside, as the market mood has somewhat turned cautious, despite the vaccine hopes, reflective of the pullback in the S&P 500 futures. S&P 500 futures drop 0.20% to trade around 3,360.

Attention now turns towards the US weekly Jobless Claims data for fresh trading impetus. In the meantime, the US dollar price action and sentiment on the European equities will influence the pair.

AUD/USD technical levels

The immediate upside will be tested at 0.7200 (round figure). The next resistance is aligned at 0.7244 (Aug 7 high). On the flip side, the immediate support is seen at 0.7150 (psychological level), below which the 20-DMA at 0.7140 could be tested.

AUD/USD additional levels

AUD/USD

Overview
Today last price 0.7166
Today Daily Change 0.0003
Today Daily Change % 0.04
Today daily open 0.7162
 
Trends
Daily SMA20 0.713
Daily SMA50 0.7007
Daily SMA100 0.6712
Daily SMA200 0.6709
 
Levels
Previous Daily High 0.7177
Previous Daily Low 0.7108
Previous Weekly High 0.7244
Previous Weekly Low 0.7076
Previous Monthly High 0.7228
Previous Monthly Low 0.6876
Daily Fibonacci 38.2% 0.7151
Daily Fibonacci 61.8% 0.7135
Daily Pivot Point S1 0.7121
Daily Pivot Point S2 0.7081
Daily Pivot Point S3 0.7053
Daily Pivot Point R1 0.719
Daily Pivot Point R2 0.7218
Daily Pivot Point R3 0.7258

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD holds above 1.17, shrugging off upbeat US consumer confidence

EUR/USD is trading above 1.17, holding its gains despite upbeat US data. The CB Consumer Confidence jumped to 101.8 points, beating estimates. Fed speakers are awaited and the presidential debate is eyed.

EUR/USD News

GBP/USD retreats from highs amid Brexit, coronavirus uncertainty

GBP/USD is retreating from the highs close to 1.29 as concerns about Brexit talks and rising UK coronavirus cases are taking their toll on the pound. 

GBP/USD News

XAU/USD holds steady near multi-day tops, around $1890 region

Gold built on the previous day's goodish bounce from 100-day SMA and edged higher through the first half of the trading action on Tuesday. The overnight sustained move beyond 100-hour SMA was seen as a key trigger for bullish traders and pushed the commodity to multi-day tops.

Gold News

Presidential Debate Preview: Trump may lose due to his own buildup, market implications

The first presidential debate is set to shake up the elections campaign.  President Trump's playing down of challenger Biden's skills may turn into a double-edged sword. Markets will move on implications for a new fiscal relief package. 

Read more

WTI drops to fresh lows near $39.70 ahead of API

Prices of the American benchmark for the sweet light crude oil broke below the $40.00 mark per barrel and slipped back to the $39.70 region on Tuesday.

Oil News

Forex MAJORS

Cryptocurrencies

Signatures