AUD/USD flat-lined in lower half of weekly range near 0.6750

Business activity in Australia construction sector contracts.
US Dollar Index posts small daily gains on Wednesday.
FOMC members Barkin and Daly will speak later.

Eren Sengezer FXStreet

The AUD/USD pair came under modest selling pressure during the Asian trading hours and dropped to a daily low of 0.6734. However, the lack of major developments surrounding the US-China trade conflict and the subdued trading action didn't allow the pair to make a decisive move in either direction following that drop, forcing it to move sideways near mid-0.67s. As of writing, the pair was down 0.08% on the day at 0.6745.

Consolidation continues

The data published by the Australian Bureau of Statistics today revealed that the business activity in the construction sector contracted in the second quarter with the Construction Work Done coming in at -3.8% and missing the market expectation of -1%. On Thursday, Private Capital Expenditures data from Australia will be looked upon for fresh impetus.

On the other hand, the US Dollar Index is inching higher above the 98 mark today as the Greenback continues to outperform its major European rivals and forcing the pair to remain in the negative territory. The Mortgage Bankers Association's (MBA) weekly Mortgage Applications data came in at -6.2% in the week ending August 23 but had little to no impact on the USD. At the moment, the index is up 0.13% at 98.13.

During the American trading hours on Wednesday, investors will be looking for fresh clues regarding the Federal Reserve's next policy during speeches of Richmond Fed President Barkin and San Francisco Fed President Daly.

Technical levels to watch for

AUD/USD

Overview
Today last price	0.6746
Today Daily Change	-0.0006
Today Daily Change %	-0.09
Today daily open	0.6752

Trends
Daily SMA20	0.6776
Daily SMA50	0.6897
Daily SMA100	0.6945
Daily SMA200	0.7044

Levels
Previous Daily High	0.678
Previous Daily Low	0.6746
Previous Weekly High	0.68
Previous Weekly Low	0.6736
Previous Monthly High	0.7082
Previous Monthly Low	0.6832
Daily Fibonacci 38.2%	0.6759
Daily Fibonacci 61.8%	0.6767
Daily Pivot Point S1	0.6739
Daily Pivot Point S2	0.6725
Daily Pivot Point S3	0.6704
Daily Pivot Point R1	0.6773
Daily Pivot Point R2	0.6794
Daily Pivot Point R3	0.6807

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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