The Aussie dollar is following the rest of the riskier assets today, with AUD/USD meandering the lower bound of the range around 0.7030.
AUD/USD weaker on risk aversion
The risk-off trade remains on the rise this week, prompting the pair to retrace part of the recent advance and return to the low-0.7000s, where it is now trying to consolidate.
Data wise in Oz, NAB’s Business Confidence remains steady during January, while Business Conditions eased a tad. In the US docket, NFIB’s Business Optimism index is due followed by Wholesale Inventories and the API report on crude oil stockpiles.
AUD/USD key levels
As of writing the pair is retreating 0.79% at 0.7033 with the immediate support at 0.6999 (low Feb.3) ahead of 0.6916 (low Jan.26) and finally 0.6824 (low Jan.15). On the other hand, a break above 0.7137 (55-day sma) would open the door to 0.7246 (high Feb.4) and then 0.7311 (200-day sma).
(Market News Provided by FXstreet)