• US: CB Consumer sentiment falls to a 16-month low.
  • Stocks turned lower, main indexes fall by 1% on average.
  • AUD/USD falls from six-day highs toward 0.6900.

US stocks turned to the downside on Tuesday and boosted the US dollar. The AUD/USD dropped to 0.6909, hitting a fresh daily low. It remains under 0.6930 with a bearish intraday bias. Earlier it climbed to a six-day high of 0.6964.

Since last Friday, AUD/USD is moving sideways between 0.6910 and 0.6960 with a modest bullish bias. Still unable to move significantly away from the 2-year low at 0.6823 it reached during May.

Risk-off weighs on AUD

The AUD/USD found support so far on Tuesday above the support area of 0.6905/10. A break lower could trigger more losses; the next strong support stands at 0.6870, around last week’s low. On the upside the immediate resistance could be seen at the 20-hour Simple Moving Average at 0.6930.

Stocks erased earlier gains. The S&P 500 is falling by 1.07%. The decline in Consumer Sentiment weighed on sentiment. Conference Board’s index dropped to the lowest level in 16 months in June amid rising inflation and a negative growth outlook. 

On Wednesday, retail sales data is due in Australia at 01:30 GMT (market consensus: 0.4%). Analysts at TD Securities see a 0.5% increase. “A strong retail beat will strengthen the case for another aggressive move by the RBA (Reserve Bank of Australia) in July after their outsized 50bps hike this month.”

Technical levels

AUD/USD

Overview
Today last price 0.6918
Today Daily Change -0.0017
Today Daily Change % -0.25
Today daily open 0.6935
 
Trends
Daily SMA20 0.7051
Daily SMA50 0.7082
Daily SMA100 0.7211
Daily SMA200 0.7231
 
Levels
Previous Daily High 0.6959
Previous Daily Low 0.6908
Previous Weekly High 0.6997
Previous Weekly Low 0.6868
Previous Monthly High 0.7267
Previous Monthly Low 0.6828
Daily Fibonacci 38.2% 0.6927
Daily Fibonacci 61.8% 0.6939
Daily Pivot Point S1 0.6909
Daily Pivot Point S2 0.6882
Daily Pivot Point S3 0.6857
Daily Pivot Point R1 0.696
Daily Pivot Point R2 0.6985
Daily Pivot Point R3 0.7012

 

 

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