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Forex pairs in this Article » EUR/USD (Moscow) - AUD/USD moves in a pretty tight range, after a failed attempt to go lower the key support at 0.8900

AUD/USD is treading water

AUD/USD opened at 0.8920 and tested the support area at 0.8900 early in the morning today. ANZ job advertisement report published earlier today showed that the labor market conditions continued to worsen (-1.7% in November against +3.0% in October) and AiG Performance of Construction Index dropped to 50.8 in December from 55.2 in November, which put AUD under slight pressure during early Asian hours. Though the news was mostly skipped by the markets as they wait for the FOMC minutes. The broader trend in AUD/USD remains negative, though the upside correction is still possible as long as the pair finishes the day above 0.8900. Yesterday AUD bears pushed the pair to intraday low of 0.8890, but the movement proved to be short-lived. The bulls might be inspired by the move above 0.9000, which is not our base case scenario for today, at least until the FOMC minutes are published. Stronger FED policy and US Dollar growth across the board may send the Aussi lower.

What are today’s key AUD/USD levels?

Today's central pivot point can be found at 0.8928, with support below at 0.8883, 0.8847 and 0.8802, with resistance above at 0.8964, 0.9009, and 0.9045 Hourly Moving Averages are mixed, with the 200SMA at 0.8918 and the daily 20EMA at 0.8956. Hourly RSI is neutral at 49.59.
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