FxWirePro: AUD/USD holds marginal gains, RBA’s Ellis and US CB Consumer Confidence eyed for impetus

Chart - Courtesy Trading View 

AUD/USD was trading 0.37% higher on the day at 0.6674 at around 08:55 GMT, edges higher despite downbeat Aussie Retail Sales.

Antipodeans remained bid on Tuesday as a lack of negative news in banks helped lift riskier assets.

Improving risk appetite led traders to pivot into more risk-driven assets like the kiwi aiding the pair higher.

On the data front, Australian retail sales rose a modest 0.2% in February, missing forecasts at 0.4% and 1.9% prior.

Details showed nominal sales have been pretty flat for the past few months, suggesting weakness in real spending given inflation is still very high.

On the other side, the US dollar Index remained on the defensive well below 103.00 ahead of key data.

Later in the day, US Conference Board Consumer Confidence index will take center stage ahead of FHFA’s House Price Index, Advanced Goods Trade Balance and the first testimony by FOMC’s S.Barr.

Support levels:

S1: 0.6663 (50% Fib)

S2: 0.6558 (Lower BB)

Resistance levels:

R1: 0.6695 (21-EMA)

R2: 0.6753 (200-DMA)

Technical Summary: AUD/USD capped at 21-EMA, decisive break above required for upside continuation. Technical indicators do not provide a clear direction.