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AUD/USD Edges Higher, Eyes Bullish 100-/200-DMA Crossover

AUSSIE

AUD/USD erased its initial gains on Tuesday, as the combination of a rally in U.S. Tsy yields, a slump in oil prices and concerns surrounding the Covid-19 outbreak in New Zealand applied pressure to the pair. The rate finished the day in negative territory for the third time in a row.

  • AUD/USD has inched higher this morning, as the 100-DMA has crossed above the 200-DMA, sending a bullish signal. It last trades +7 pips at $0.7150, with bulls looking to take out Aug 5/7 highs of $0.7241/43. A break here would draw attention to Feb 2019 high of $0.7284. Bears look for a fall through Aug 3 low of $0.7077, towards the key Jul 24 low of $0.7064.
  • Focus in Australia turns to Westpac Consumer Confidence & wage price index (today), as well as consumer inflation expectation & labour mkt report (Thursday). RBA Gov Lowe speaks on Friday.
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