AUD/USD: Mildly bid on above-forecast NAB survey readings

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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

 

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