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AUD/USD recovers early lost ground to 1-week lows but lacks follow-through

   •  The USD fails to preserve/build on the early uptick and helps bounce off lows.
   •  Weaker commodity prices/risk-sentiment keeps a lid on any further up-move.
   •  Traders now eye second-tier US economic releases for some short-term impetus.

The AUD/USD pair built on its steady intraday recovery from one-week lows and is currently placed at the top end of its daily trading range, around the 0.7170-75 region.

The US Dollar failed to preserve early gains, supported by weaker risk-sentiment and was seen as one of the key factors behind the pair's goodish bounce of around 30-pips since the early European trading session.

Against the backdrop of dovish Fed expectations, concerns that a prolonged US government shutdown might begin taking a toll on the economy kept a lid on any meaningful up-move for the greenback.

The uptick, however, lacked any strong conviction and remained capped amid the prevailing bearish sentiment surrounding commodity space, which tends to undermine demand for the commodity-linked currency – Aussie.

Moving ahead, market participants look forward to second-tier US economic data - initial weekly jobless claims and Philly Fed manufacturing index for some fresh impetus. 

Technical levels to watch

AUD/USD

Overview:
    Today Last Price: 0.717
    Today Daily change: -3 pips
    Today Daily change %: -0.0418%
    Today Daily Open: 0.7173
Trends:
    Daily SMA20: 0.7101
    Daily SMA50: 0.7186
    Daily SMA100: 0.7173
    Daily SMA200: 0.7323
Levels:
    Previous Daily High: 0.7212
    Previous Daily Low: 0.7161
    Previous Weekly High: 0.7236
    Previous Weekly Low: 0.7089
    Previous Monthly High: 0.7394
    Previous Monthly Low: 0.7014
    Daily Fibonacci 38.2%: 0.7181
    Daily Fibonacci 61.8%: 0.7193
    Daily Pivot Point S1: 0.7152
    Daily Pivot Point S2: 0.7131
    Daily Pivot Point S3: 0.7101
    Daily Pivot Point R1: 0.7203
    Daily Pivot Point R2: 0.7234
    Daily Pivot Point R3: 0.7255

 

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