Yesterday’s trade saw AUD/USD within the range of 0.7049-0.7132. The pair closed at 0.7075, shedding 0.14% on a daily basis. It has been the 14th drop in the past 25 trading days and also the second consecutive one. The daily low has been the lowest level since February 3rd, when a low of 0.6999 was registered.
At 9:50 GMT today AUD/USD was losing 0.87% on the day to trade at 0.7026. The pair touched a daily low at 0.7020 during mid-Asian trade, overshooting the lower range breakout level (S4), and a daily high at 0.7088 during the early hours of the Asian trading session.
On Tuesday AUD/USD trading may be influenced by the following macroeconomic reports as listed below.
Fundamentals
Australia
Westpac Consumer Confidence Index
At 23:30 GMT the Westpac-Melbourne Institute is to publish the results from its survey on consumer confidence in January. The corresponding index of confidence slowed down to a reading of 97.3 in December from 100.8 in November. It has been the lowest level since September 2015, when the gauge stood at 93.9. An increase in this index will usually provide a moderate support to the Aussie, because of the positive implications in regard to consumer spending.
United States
Job Openings
The number of job openings in the United States probably slowed down to 5.400 million in December from a month ago, according to the median forecast by experts. In November 5.431 million job openings were reported, or the highest level since September. This indicator refers to all job positions that are open, but not filled on the last business day of the month. Job openings are part of the Job Openings and Labor Turnover Survey (JOLTS), which gathers data from about 16 400 non-farm establishments including retailers and manufacturers, as well as federal, state, and local government entities in the 50 states and the District of Columbia. The survey assesses the unmet demand for labor in the labor market. A lower-than-projected level of job openings will usually have a limited bearish effect on the US dollar. The Bureau of Labor Statistics is to release the official report at 15:00 GMT.
Daily and Weekly Pivot Levels
By employing the Camarilla calculation method, the daily pivot levels for AUD/USD are presented as follows:
R1 – 0.7083
R2 – 0.7090
R3 (range resistance) – 0.7098
R4 (range breakout) – 0.7121
S1 – 0.7067
S2 – 0.7060
S3 (range support) – 0.7052
S4 (range breakout) – 0.7029
By using the traditional method of calculation, the weekly pivot levels for AUD/USD are presented as follows:
Central Pivot Point – 0.7107
R1 – 0.7216
R2 – 0.7360
R3 – 0.7469
S1 – 0.6963
S2 – 0.6854
S3 – 0.6710
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