“¢ Fails to capitalize on the recent recovery despite a subdued USD demand.
“¢ Disappointing domestic data exert some downward pressure on the Aussie.
“¢ Traders now eye US consumer inflation figures for some fresh impetus.
The AUD/USD pair struggled to capitalize on its two-day-old recovery move and seesawed between tepid gains/minor losses through the Asian session on Tuesday.
The pair built on the post-NFP goodish bounce from over two-month lows and continued gaining positive traction for the second consecutive session on Monday amid a follow-through US Dollar selling bias, triggered by a strong rally in the British Pound.
Meanwhile, Monday’s stronger than expected release of the US monthly retail sales data was largely offset by a further downward revision of the previous month’s already weaker reading and failed to provide any immediate respite for the USD bulls.
The greenback held on the defensive on Tuesday, albeit the pair lacked any strong bullish conviction and failed ahead of the 0.7100 handle following the disappointing release of National Bank of Australia (NAB)’s business conditions and business confidence index for February.
In fact, NAB’s business conditions index fell by 3 points to +4 in February and business confidence index also deteriorated to +2 in February as against +4 in the previous month, which eventually turned out to be one of the key factors keep a lid on any further up-move.
Moving forward, today’s US economic docket, highlighting the release of the latest consumer inflation figures, with the headline CPI expected to come in at 1.6% y/y rate in February, will now be looked upon for some fresh impetus later during the early North-American session.
Technical levels to watch
AUD/USD
Overview:
Today Last Price: 0.7073
Today Daily change: 2 pips
Today Daily change %: 0.03%
Today Daily Open: 0.7071
Trends:
Daily SMA20: 0.7106
Daily SMA50: 0.7134
Daily SMA100: 0.716
Daily SMA200: 0.7237
Levels:
Previous Daily High: 0.7077
Previous Daily Low: 0.7026
Previous Weekly High: 0.7118
Previous Weekly Low: 0.7002
Previous Monthly High: 0.7285
Previous Monthly Low: 0.7053
Daily Fibonacci 38.2%: 0.7057
Daily Fibonacci 61.8%: 0.7045
Daily Pivot Point S1: 0.7039
Daily Pivot Point S2: 0.7006
Daily Pivot Point S3: 0.6987
Daily Pivot Point R1: 0.709
Daily Pivot Point R2: 0.7109
Daily Pivot Point R3: 0.7142
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