The AUD/USD pair shows signs of a rebound from a one-week low hit earlier on Tuesday, climbing back above the mid-0.6500s during the European trading session. Several factors contribute to this upward movement.
Firstly, reports suggest that China may lift tariffs on Australian wine by the end of March, boosting confidence in the Australian Dollar (AUD). Additionally, a slight decline in the US Dollar (USD) aids the pair’s recovery, supported by a decrease in US Treasury bond yields and stable equity markets.
However, the USD’s decline remains limited due to expectations that the Federal Reserve (Fed) will delay interest rate cuts until its June policy meeting. This outlook is reinforced by recent FOMC meeting minutes and comments from Fed officials, indicating a commitment to a hawkish stance amidst persistent inflation and a resilient economy.
Technically, the AUD/USD pair still faces resistance from the 100- and 200-day Simple Moving Averages (SMA). Traders are advised to await a clear breakout above these levels before considering further bullish positions. Meanwhile, attention turns to upcoming US macroeconomic data, including Durable Goods Orders and the Consumer Confidence Index, followed by Australian consumer inflation figures and US GDP data later in the week. These releases are likely to shape the near-term direction of the AUD/USD pair.
AUD/USD
OVERVIEW | |
---|---|
Today last price | 0.6551 |
Today Daily Change | 0.0010 |
Today Daily Change % | 0.15 |
Today daily open | 0.6541 |
TRENDS | |
---|---|
Daily SMA20 | 0.6531 |
Daily SMA50 | 0.663 |
Daily SMA100 | 0.6555 |
Daily SMA200 | 0.6563 |
LEVELS | |
---|---|
Previous Daily High | 0.6569 |
Previous Daily Low | 0.6531 |
Previous Weekly High | 0.6595 |
Previous Weekly Low | 0.6522 |
Previous Monthly High | 0.6839 |
Previous Monthly Low | 0.6525 |
Daily Fibonacci 38.2% | 0.6545 |
Daily Fibonacci 61.8% | 0.6554 |
Daily Pivot Point S1 | 0.6525 |
Daily Pivot Point S2 | 0.6509 |
Daily Pivot Point S3 | 0.6487 |
Daily Pivot Point R1 | 0.6563 |
Daily Pivot Point R2 | 0.6585 |
Daily Pivot Point R3 | 0.66 |