AUD/USD marches towards 0.6800 as RBA’s Lowe tries to lure hawks, US data eyed – by anilpanchal7 AUDUSD RBA RiskAppetite Fed PMI
AUD/USD picks up bids to reverse the previous day’s pullback from five-week high, mildly bid of late.Market’s consolidation ahead of the key US data, RBA’s halt to rate lift after 10 such hawkish moves prod the Aussie bulls.
AUD/USD grinds near an intraday high surrounding 0.6770 as it pares the previous day’s losses after upbeat comments from Reserve Bank of Australia The Aussie pair dropped the most in a week the previous day as the Aussie central bank paused a 10-time rate hike trajectory. However, RBA’s Lowe shows the readiness to resume the rate lifts while pushing back the doves and allowing the quote to remain firmer.
Amid these plays, the S&P 500 Future print mild gains even as Wall Street closed with minor losses. Further, the US 10-year and two-year Treasury bond yields also take a breather around 3.35% and 3.85% respectively, after falling in the last four and three consecutive days. Having witnessed the initial reaction to RBA Governor Lowe’s speech, as well as mixed Aussie data, AUD/USD pair traders should focus on the US ISM Services PMI and ADP Employment Change for March for clear directions.
Considering the recently mixed concerns and the hawkish Federal Reserve comments, upbeat figures of the scheduled US data can allow the AUD/USD pair to tease sellers.Unless crossing a convergence of the 50-DMA and 100-DMA, close to 0.6805 at the latest, the AUD/USD traders can aim for a corrective pullback towards the previous resistance of around 0.6750, comprising the 200-DMA.
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