AUD/USD holds above the 0.6600 mark ahead of the Australian Retail Sales data

AUD/USD surges to 0.6605 on the weaker USD in early Tuesday trading.
US New Home Sales fell more than expected in October.
An additional one to two rate hikes from the Reserve Bank of Australia (RBA) over the coming quarters cannot be ruled out.
Market players will monitor the Australian Retail Sales for October and RBA Governor Bullock's speech on Tuesday.

Lallalit Srijandorn FXStreet

The AUD/USD pair extends the rally above the 0.6600 psychological level during the early Asian session on Tuesday. The pair has reached its highest level since early August amid the US Dollar (USD) weakness. At press time, AUD/USD is trading around 0.6605, down 0.02% on the day.

On Monday, the US New Home Sales fell more than expected in October, dropping by 5.6% MoM to 679K, worse than the market expectation of 725K. Meanwhile, the November Dallas Fed Manufacturing Index dropped to 19.9 from the previous reading of 19.2 decline. The US Dollar (USD) remains under pressure by declining to 103.20 as markets have moved to price-in a peak in the Federal Reserve's (Fed) tightening.

On the other hand, the risk-on mood, news of the Chinese stimulus plan, and the hawkish stance from the Reserve Bank of Australia (RBA) boost the Australian Dollar (AUD). The RBA Minutes last week suggested that an additional one to two rate hikes over coming quarters cannot be ruled out.

Market players await the Australian Retail Sales for October, due later on Tuesday. The figure is expected to drop from 0.9% to 0.1% MoM. Also, RBA Governor Bullock is set to speak at an event. On Wednesday, traders will take more cues from the Consumer Price Index (CPI). If the report does not surprise to the upside, the RBA will most likely hold the rate at its December meeting.

On the US docket, the US Housing Price Index, the S&P/Case-Shiller Home Price Indices, CB Consumer Confidence, and the Richmond Fed Manufacturing Index will be released on Tuesday. These events could give clear direction to the AUD/USD pair.

AUD/USD

Overview
Today last price	0.6606
Today Daily Change	0.0017
Today Daily Change %	0.26
Today daily open	0.6589

Trends
Daily SMA20	0.6464
Daily SMA50	0.6409
Daily SMA100	0.6483
Daily SMA200	0.6585

Levels
Previous Daily High	0.6591
Previous Daily Low	0.655
Previous Weekly High	0.6591
Previous Weekly Low	0.6501
Previous Monthly High	0.6445
Previous Monthly Low	0.627
Daily Fibonacci 38.2%	0.6575
Daily Fibonacci 61.8%	0.6566
Daily Pivot Point S1	0.6562
Daily Pivot Point S2	0.6536
Daily Pivot Point S3	0.6521
Daily Pivot Point R1	0.6603
Daily Pivot Point R2	0.6618
Daily Pivot Point R3	0.6644

Author

Lallalit Srijandorn

FXStreet

Lallalit Srijandorn is a Parisian at heart. She has lived in France since 2019 and now becomes a digital entrepreneur based in Paris and Bangkok.

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