AUD/USD: Mildly bid on above-forecast NAB survey readings

  • AUD/USD jumped 10 pips on the back of above-forecast NAB survey readings. 
  • Business confidence index rose to 4 points in January, beating the forecast of 3 points. Meanwhile, the business conditions index rose to 7, beating the expected rise to 4 by a big margin. 

An uptick in National Australia Bank’s (NAB) survey indices has put a mild bid under the Aussie dollar.

As of writing, the AUD/USD pair is trading at 0.7069, representing a 0.10 percent gain on the day, having clocked a session high of 0.7075 soon before press time.

National Australia Bank’s (NAB) business conditions index rose from +2 points in December to +7 in January. The long-term average is +5.8 points.

Meanwhile, the business confidence index improved slightly from +3 points in December to +4 in January but is still below the long-term average of 6.0 points.

While the data could alleviate bearish pressures around the Aussie dollar, the bounce could be shortlived, courtesy of dovish Reserve Bank of Australia (RBA) expectations. Last week, RBA’s governor Lowe stepped back from its longstanding tightening bias, by putting rate cuts back on the table.

AUD/USD Technical Levels

AUD/USD

Overview:
Today Last Price: 0.7062
Today Daily change: -0.0002 pips
Today Daily change %: -0.03%
Today Daily Open: 0.7064
Trends:
Daily SMA20: 0.7168
Daily SMA50: 0.7151
Daily SMA100: 0.7167
Daily SMA200: 0.728
Levels:
Previous Daily High: 0.7109
Previous Daily Low: 0.7057
Previous Weekly High: 0.7265
Previous Weekly Low: 0.706
Previous Monthly High: 0.7296
Previous Monthly Low: 0.6684
Daily Fibonacci 38.2%: 0.7077
Daily Fibonacci 61.8%: 0.7089
Daily Pivot Point S1: 0.7044
Daily Pivot Point S2: 0.7025
Daily Pivot Point S3: 0.6992
Daily Pivot Point R1: 0.7096
Daily Pivot Point R2: 0.7129
Daily Pivot Point R3: 0.7148

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