AUD/USD chart on Trading View used for analysis AUD/USD has recovered from session lows at 0.7138 and is currently trading at 0.7162. The pair earlier slumped lower on the back of poor NAB business conditions data. Data …
AUD/USD has recovered from session lows at 0.7138 and is currently trading at 0.7162.
The pair earlier slumped lower on the back of poor NAB business conditions data.
Data out of Australia released earlier today showed Australian business conditions for December slumped 9 points to 2, under the long term average of 6. Meanwhile, the business confidence steadied at 3.
The major is extending recovery on the back of broad-based US dollar weakness on expectations of a pause in the Fed’s policy tightening combined with a dovish FOMC decision on Wednesday.
Technical indicators are not conclusive. Upside is limited on rising prospects for an RBA cut which weighs on AUD/USD.
Upside remains capped at 110-EMA and daily cloud which offer stiff resistance in the 0.7207 to 0.7211 range. Breakout above could see further upside.
On the downside, immediate support is seen at 20-DMA at 0.7145, break below will see some weakness.
