- AUD / USD consolidates daily gains during the American session.
- The US Dollar Index remains in negative territory at 92.50.
- CB’s consumer confidence disappointed market expectations in August.
The broad selling pressure surrounding the dollar allowed the pair to AUD/USD will pick up bullish momentum on Tuesday. However, after climbing to a two-week high of 0.7343 during European trading hours, the pair appears to have entered a consolidation phase and was last seen trading at 0.7320, rising 0.38% on the day.
Focus shifts to Australian GDP report
Following Friday’s sharp decline due to FOMC Chairman Jerome Powell’s cautious tone regarding asset downsizing, the US Dollar Index (DXY) moved sideways on Monday, but extended its decline on Tuesday. At time of writing, the DXY was down 0.22% on the day at 92.50.
Earlier in the day, US data showed that Conference Board Consumer Confidence fell to 113.8 in August from 125.1 in July, disappointing the market consensus of 124. Major Wall Street indices are recording modest daily losses after this report and allowing the DXY to limit its losses for the time being.
On Wednesday, Australia’s second quarter GDP data will be analyzed for fresh momentum. Investors expect the Australian economy to expand 0.2% annually. A lower than expected impression could make it difficult for the AUD to continue to outperform its US counterpart and vice versa.
Technical levels
AUD/USD
| Panorama | |
|---|---|
| Today’s Last Price | 0.7304 |
| Today’s Daily Change | 0.0007 |
| Today’s Daily Change% | 0.10 |
| Today’s Daily Opening | 0.7297 |
| Trends | |
|---|---|
| SMA of 20 Daily | 0.7299 |
| SMA of 50 Daily | 0.7391 |
| SMA of 100 Daily | 0.756 |
| 200 SMA Daily | 0.7609 |
| Levels | |
|---|---|
| Daily Previous Maximum | 0.732 |
| Daily Previous Minimum | 0.7284 |
| Weekly Preview Maximum | 0.7318 |
| Weekly Prior Minimum | 0.7119 |
| Monthly Previous Maximum | 0.7599 |
| Minimum Previous Monthly | 0.7288 |
| Daily Fibonacci 38.2% | 0.7298 |
| Daily Fibonacci 61.8% | 0.7306 |
| Daily Pivot Point S1 | 0.7281 |
| Daily Pivot Point S2 | 0.7264 |
| Daily Pivot Point S3 | 0.7245 |
| Daily Pivot Point R1 | 0.7317 |
| Daily Pivot Point R2 | 0.7336 |
| Daily Pivot Point R3 | 0.7353 |
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