Yesterday’s trade saw AUD/USD within the range of 0.6974-0.7095. The pair closed at 0.7064, shedding 0.15% on a daily basis. It has been the 14th drop in the past 26 trading days. The daily low has been the lowest level since January 26th, when a low of 0.6916 was registered.
At 10:20 GMT today AUD/USD was gaining 0.69% on the day to trade at 0.7113. The pair touched a daily high at 0.7126 at 10:01 GMT, undershooting the upper range breakout level (R4), and a daily low at 0.7038 during the early hours of the Asian trading session.
On Wednesday AUD/USD trading may be influenced by the following macroeconomic reports as listed below.
Fundamentals
United States
Fed Chair Janet Yellens testimony
At 15:00 GMT Federal Reserve Chair, Janet Yellen, is expected to testify before the US Congress. After the testimony a Questions and Answers session will be held, which may trigger high volatility in US stock markets as well as in the Foreign Exchange Market.
Daily and Weekly Pivot Levels
By employing the Camarilla calculation method, the daily pivot levels for AUD/USD are presented as follows:
R1 – 0.7075
R2 – 0.7086
R3 (range resistance) – 0.7097
R4 (range breakout) – 0.7131
S1 – 0.7053
S2 – 0.7042
S3 (range support) – 0.7031
S4 (range breakout) – 0.6997
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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