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AUD/USD has too many reasons to fall, but thinks twice

FXStreet (Moscow) - AUD/USD dipped to the session low of 0.9246 on the back of mixed macroeconomic data from Australia, but managed to recover to 0.9260 area.

Pensive Aussie

The aussie has lots of reasons to weaken. Unimpressive labor market report, tame inflation and lowered RBA growth forecasts just to name a few. Though it seems that on the short term basis the pair needs to consolidate losses incurred before. As Tuesday’s macroeconomic reports from Australia are already behind us and the rest calendar is light, the aussie traders have to look for inspiration elsewhere. AUD/USD has been less sensitive to risk sentiments lately, but it may oscillate together with overall USD ebbs and flow. From the technical point of view 0.9220 is pivotal for the bears as there is a cluster of corporate demand, stops and option barriers, once it is cleared out the downside may be extended towards 0.9200/90

What are today’s key AUD/USD levels?

Today's central pivot point can be found at 0.9270, with support below at 0.9251, 0.9240 and 0.9221, with resistance above at 0.9281, 0.9300 and 0.9311. Hourly Moving Averages are bearish with the 200SMA bearish at 0.9299 and the daily 20EMA bearish at 0.9338. Hourly RSI is bullish at 50.

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EUR/CHF took off from the bespoke support of 1.2130 and grinder towards the local resistance of 1.2140 ahead of European opening.
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