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AUD/USD Heavy Amid Fedspeak-Inspired USD Demand

AUSSIE

AUD/USD finished lower on Tuesday. Asia-Pac hours saw it fluctuate on the back of RBA rhetoric and yuan dynamics, before USD appreciation drove the pair lower. Fedspeak was the main culprit, as Fed Chair Powell warned against a long road to economic recovery, while Chicago Fed Pres Evans said that a rate hike before inflation averages 2% is not ruled out. The rate penetrated and closed below its 50-DMA for the first time since April.

  • AUD/USD last deals -4 pips at $0.7167. Bears eye Sep 22 low of $0.7165 for initial support before targeting Aug 20 low of $0.7136. Conversely, a move through Sep 16 high of $0.7345 is needed to expose the 76.4% retracement of the Sep 1 - 9 sell-off at $0.7362.
  • Flash CBA PMIs and flash retail sales from ABS headline in Australia today, with preliminary trade data coming up on Friday.
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