AUD/USD dives to one-month lows at 0.6600 weighed by risk aversion


 

  • The Aussie is under increasing bearish pressure after breaching 0.6660 support.
  • Dwindling hopes of rate cuts and geopolitical tensions are boosting the US Dollar.
  • Fed speakers, US Retail Sales and a string of data from China will set the pair's near-term direction.
     

The risk-sensitive Aussie is one of the worst performers on Tuesday, succumbing to the US Dollar’s strength. Hawkish comments by ECB policymakers and the increasing uncertainty in the Red Sea have forced traders to reassess their rate cut expectations, which is boosting the US Dollar against most of its rivals.

In Australia, recent data has shown that consumer confidence deteriorated in January, which has increased negative pressure on the Aussie.

The focus today is on the US NY Fed Empire State Manufacturing Index and a speech of Fed’s Waller, a traditional hawk. The highlight of the week, however, will be Wednesday’s US Retail Sales data.

Also on Wednesday, a slew of macroeconomic data from China, with a particular interest on the Q4 GDP and December’s Retail sales might have a significant impact on the Aussie.

Technical analysis shows the pair under increasing bearish pressure after breaching the 0.6660 support area. The next downside targets are 0.6540 and 0.6520. Resistances are the mentioned 0.6660 and 0.6735.
 

Technical levels to watch

AUD/USD

Overview
Today last price 0.6601
Today Daily Change -0.0058
Today Daily Change % -0.87
Today daily open 0.6659
 
Trends
Daily SMA20 0.6753
Daily SMA50 0.6635
Daily SMA100 0.6515
Daily SMA200 0.6584
 
Levels
Previous Daily High 0.6705
Previous Daily Low 0.665
Previous Weekly High 0.6735
Previous Weekly Low 0.6647
Previous Monthly High 0.6871
Previous Monthly Low 0.6526
Daily Fibonacci 38.2% 0.6671
Daily Fibonacci 61.8% 0.6684
Daily Pivot Point S1 0.6638
Daily Pivot Point S2 0.6617
Daily Pivot Point S3 0.6584
Daily Pivot Point R1 0.6692
Daily Pivot Point R2 0.6726
Daily Pivot Point R3 0.6747

 

 

 

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