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16 Jan 2018

AUD/USD recovers modestly, trades near mid-0.79s

  • DXY recovery loses momentum in the NA session.
  • AUD/USD trades in a 40-pip range.
  • Home loans data from Australia coming up next.

After dropping to a fresh session low at 0.7937, the AUD/USD pair started to retrace its daily losses and was last seen trading at 0.7955, where it was down only 10 pips on the day.

The pair on Tuesday came under a bearish pressure with the greenback finally gathering some strength against its rivals. After recording heavy losses in the last four trading days, the US Dollar Index is looking to close the day higher on Tuesday. Today's technical recovery lifted the DXY to a daily high at 90.58 earlier in the session. However, with the 10-year US T-bond yields remaining in the negative territory, the index struggled to extend its gains and was last seen at 90.40, where it was up 0.3% on a daily basis.

There won't be any macroeconomic data releases from the U.S. in the remainder of the session and investors will look upon the home loans data from Australia, which is expected to improve to -0.2% from -0.6% in November. Although a positive reading is likely to help the AUD gain traction, the pair could find it tough to stretch higher with technical indicators continue to show overbought conditions.

Technical levels to consider

The initial support for the pair is located at 0.7905/0.7900 (Jan. 15 low/psychological level) ahead of 0.7835 (20-DMA) and 0.7760 (200-DMA). On the upside, resistances could be seen at 0.8000 (psychological level), 0.8090 (Sep. 20 high) and 0.8125 (Sep. 8 high).

Jan 16, 2018

NZD/USD drops to daily lows near 0.7260 despite upbeat GDT outcome

The NZD/USD pair pushed lower in the early NA session and refreshed its daily low at 0.7261. As of writing, the pair was trading at 0.7265, losing 0.2
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Jan 16, 2018

Dollar Index consolidates modest daily gains, remains near 3-year lows

The US dollar is consolidating modest gains on Tuesday but is lost momentum during the last hours and retreated. It is rising after falling sharply du
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