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AUD/USD erases losses as Aussie Retail Sales beat estimates, PBOC keeps rates unchanged

Written by By Omkar Godbole | 2020-11-20 02:08:26 GMT
  • AUD/USD trades flat near 0.7285 versus 0.7266 in early Asia. 
  • Australia's Retail Sales rose 1.6% in October, beating estimates. 
  • China held benchmark interest rates unchanged at 3.85%. 

The bid tone around the Aussie dollar strengthened, helping AUD/USD reverse early losses after Australia's macro data beat estimates by a big margin. 

As represented by Retail Sales, consumer spending rose 1.6% month-on-month in October, surpassing the 0.3% growth projection following September's 1.1% contraction. 

The pair rose from 0.7275 to 0.7285, erasing the early decline following the Aussie data's release. At press time, the AUD/USD pair is trading largely unchanged on the day near 0.7285. 

The upside is being capped alongside losses in the US stock futures. The risk sentiment has soured, possibly in response to the US Treasury Secretary Steven Mnuchin's decision to pull the plug on the pandemic relief for struggling businesses. With the additional fiscal spending looking increasingly unlikely, the Federal Reserve may have to do the heavy lifting of supporting the economy amid the second-wave of the coronavirus pandemic. 

Further, the rising number of coronavirus cases in the US and fresh lockdown prospects look to be weighing over the sentiment. The People's Bank of China (PBOC) kept rates unchanged at 3.85% early today in a sign of confidence in the economic recovery. The status quo move has not had any impact on markets so far. 

Technical levels

AUD/USD

Overview
Today last price 0.7286
Today Daily Change -0.0009
Today Daily Change % -0.12
Today daily open 0.7295
 
Trends
Daily SMA20 0.7198
Daily SMA50 0.7178
Daily SMA100 0.7164
Daily SMA200 0.6837
 
Levels
Previous Daily High 0.7308
Previous Daily Low 0.7254
Previous Weekly High 0.734
Previous Weekly Low 0.722
Previous Monthly High 0.7244
Previous Monthly Low 0.7002
Daily Fibonacci 38.2% 0.7274
Daily Fibonacci 61.8% 0.7287
Daily Pivot Point S1 0.7263
Daily Pivot Point S2 0.7231
Daily Pivot Point S3 0.7209
Daily Pivot Point R1 0.7318
Daily Pivot Point R2 0.734
Daily Pivot Point R3 0.7372

 

 

Author

By Omkar Godbole
usgfx

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