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AUD/USD consolidates gains to 0.6820 ahead of RBA’s rate decision

Written by By Anil Panchal | 2019-12-02 22:04:44 GMT
  • AUD/USD fails to extend run-up beyond the nine-day high.
  • The US takes tough stands against Argentina and Brazil, keeps pressure on the EU while also standing ready for tariffs on China.
  • RBA is likely to hold the monetary policy intact, signals for rate cuts in 2020 will be in focus.

AUD/USD steps back from multi-day high to 0.6820 during early Tuesday morning in Asia. The Aussie pair previously benefited from the US dollar (USD) weakness and upbeat data from China but is recently under pressure amid rising risk aversion and profit-booking ahead of the key event.

Despite witnessing mixed readings at home, Aussie traders initially cheered welcome Purchasing Managers’ Index (PMI) numbers from Australia while also benefiting from the downbeat US dollar (USD) performance. The greenback had to bear the burden of ISM Manufacturing PMI as well as the renewal of doubts over the phase-one deal between the United States (US) and China.

Not only the US-China story but the recent show of trade protectionism by the US seems to negatively affect the market sentiment. The US reinstated steel tariffs on Argentina and Brazil whereas it stood ready to announce further tariffs on the European Union after gaining support from the World Trade Organization’s (WTO) verdict on Airbus. Further, the US Trade Secretary Wilbur Ross signaled that the scheduled tariffs on Chinese products, for December 15, will go into effect if the deal isn’t reached between now and then. On the other hand, Chinese have shut Hong Kong’s gate for the US military and announced sanctions on the US non-government organizations.

Against the odds were comments from the White House advisor, Kellyanne Conway, mentioning that China trade-deal is being written-up. Elsewhere, US President Donald Trump keeps his criticism of the Federal Reserve’s easy money policy.

While portraying the moves, the US 10-year Treasury yields recovered back beyond 1.80% but Wall Street marked heavy losses on the first trading day of December.

Investors will now focus on the monetary policy meeting by the Reserve Bank of Australia (RBA) while a third quarter (Q3) Current Account Balance from Australia, expected 6.3B versus 5.9B prior, can offer intermediate moves. The RBA is widely anticipated to hold its present monetary policies unchanged. However, latest comments from the RBA policymakers and a mixed set of data at home, not to forget US-China trade deal noise, keep pushing traders to look for clues to 2020 rate cuts.

Technical Analysis

As far as prices stay above 100-day Simple Moving Average (SMA) level of 0.6815, expectations of witnessing early-November lows close to 0.6860 back to the chart stay on the cards. Alternatively, 50-day SMA level surrounding 0.6800 and November month low near 0.6755 may become sellers’ choices.

additional important levels

Overview
Today last price 0.6818
Today Daily Change 0.0054
Today Daily Change % 0.80%
Today daily open 0.6764
 
Trends
Daily SMA20 0.6822
Daily SMA50 0.6805
Daily SMA100 0.6822
Daily SMA200 0.6922
 
Levels
Previous Daily High 0.678
Previous Daily Low 0.6754
Previous Weekly High 0.68
Previous Weekly Low 0.6754
Previous Monthly High 0.6929
Previous Monthly Low 0.6754
Daily Fibonacci 38.2% 0.6764
Daily Fibonacci 61.8% 0.677
Daily Pivot Point S1 0.6752
Daily Pivot Point S2 0.674
Daily Pivot Point S3 0.6726
Daily Pivot Point R1 0.6778
Daily Pivot Point R2 0.6792
Daily Pivot Point R3 0.6804

 

 

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By Anil Panchal

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