- 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
|Today last price||0.7166|
|Today Daily Change||0.0003|
|Today Daily Change %||0.04|
|Today daily open||0.7162|
|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.