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  • AUD/USD jumped 10 pips on the back of above-forecast NAB survey readings.  
  • Business  confidence index rose to 4 points in January, beating the forecast of 3 points. Meanwhile,  business  conditions index rose to 7, beating the expected rise to 4 by a big margin.  

An uptick in National Australia Bank’s (NAB) survey indices has put a mild bid under the Aussie dollar.  

As of writing, the  AUD/USD  pair is trading at 0.7069, having clocked session high of 0.7075 soon before press time.  

National Australia Bank’s (NAB) business conditions index rose from +2.2 points in December to 7 in January. The long-term average is +5.8 points.  
The NAB business confidence index improved slightly from +2.8 points in December to 3 in January, below the long-term average of 6.0 points.

The data could alleviate bearish pressures around the Aussie dollar. The currency has been losing altitude on rising odds of RBA rate cut. Last week,  RBA  governor Lowe stepped back from its longstanding tightening bias, by putting rate cuts back on the table.  

AUD/USD Technical Levels

AUD/USD

Overview:
       Today Last Price:  0.7062
       Today Daily change:  -0.0002  pips
       Today Daily change %:  -0.03%
       Today Daily Open:  0.7064
Trends:
       Daily SMA20:  0.7168
       Daily SMA50:  0.7151
       Daily SMA100:  0.7167
       Daily SMA200:  0.728
Levels:
       Previous Daily High:  0.7109
       Previous Daily Low:  0.7057
       Previous Weekly High:  0.7265
       Previous Weekly Low:  0.706
       Previous Monthly High:  0.7296
       Previous Monthly Low:  0.6684
       Daily Fibonacci 38.2%:  0.7077
       Daily Fibonacci 61.8%:  0.7089
       Daily Pivot Point S1:  0.7044
       Daily Pivot Point S2:  0.7025
       Daily Pivot Point S3:  0.6992
       Daily Pivot Point R1:  0.7096
       Daily Pivot Point R2:  0.7129
       Daily Pivot Point R3:  0.7148