AUD/USD failure at 0.7400 exacerbated a correction towards 0.7373 By christianborjon AUDUSD Majors Macroeconomics Technical Analysis
et mood. At 0.7375, the AUD/USD reflects the appetite for risk-sensitive currencies in the FX complex, though capped by a firm US dollar.
Tuesday’s session witnessed a mixed market mood throughout the day. However, the sentiment improved late in the US session, as reflected by US equities recording gains between 1.45% and 2.15%, and the greenback rose. The 10-year benchmark note rose to 2.940%, gaining eight basis points.Geopolitics dominates news headlines. The Russian offensive in Eastern Ukraine and the lack of peace talks at the ministry level keep investors hopeless of a cease-fire.
On Tuesday, the Chicago Fed President Charles Evan crossed the wires. Evans said that the US economy “will do very well even as rates rise.” He noted that he supports a “couple” of 50 bps increases, which could lift rates to the 1.25%-2.50% neutral rate., a gauge of the greenback’s value against a basket of six peers, is rising 0.17%, sitting at 100.989, a headwind for the AUD/USD.featured Building Starts and Permits, which came more robust than expected.
The Relative Strength Index , an oscillator sitting at 45.47 in bearish territory, gives an additional selling signal to the abovementioned. That said, the AUD/USD first support would be the 50-day moving average at 0..7346. A breach of the latter would expose the confluence of the mid-parallel Pitchfork’s line between the central and bottom lines and the 200-DMA around the 0.7293-0.7305 range, followed by the 100-DMA at 0.7255.
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