Monday, February 19, 2018
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AUD/USD sold-off into USD demand, still within range near 0.8080
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  • DXY, USTs catch fresh bids.
  • Bears targeting 0.8050
  • Eyes US CB consumer confidence, Aus CPI and China PMIs.

The AUD/USD pair failed several attempts to regain the 0.81 handle in the Asian trades, and finally gave into the bears’ strength amid resurgent broad-based USD demand and below estimates Australian NAB business confidence data.

Omkar Godbole, Analyst at FXStreet, noted: “The National Australia Bank (NAB) business confidence index rose 4 points to +11 index points in December; the highest level since July 2017, missing the estimate of +12 index points by a narrow margin. Meanwhile, the business conditions index ticked higher to +13 index points but printed well below the estimate of +15 index points.”

Moreover, tumbling commodities’ prices across the board also added to the weight on the resource-linked AUD. However, the losses remain capped, as markets refrain to place any directional bets on the Aussie ahead of the key Australian CPI and Chinese manufacturing PMI slated for release tomorrow.

In the day ahead, the spot will continue to get influenced by the sentimentaround the USD, as the buck will track the Treasury yields price-action ahead of the US CB consumer confidence data due later in the NA session today.

AUD/USD Technicals

Jim Langlands at FX Charts, notes: “The longer-term uptrend remains intact, and if 0.8162 is taken out then we might expect to see a run towards 0.8200 and higher, with little resistance seen until 0.8245/90. The 4-hour charts are showing some bearish divergence and warn of a possible minor correction lower although good buying interest should be seen at around 0.8050/60 if we see it.”

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