AUD/USD
· AUD traded High against USD and closed at 0.6700
AUD/USD takes the bids to 0.6711 after the RBA leaves its benchmark interest rates unchanged during early Tuesday. The pair previously dropped amid fears of coronavirus outbreak. AUD/USD keeps losses as RBA's Lowe reiterates “gentle turning point” description.
- AUD/USD continues to trade in the red despite upbeat comments by RBA's Lowe.
- The central bank head said the economy is passing through a gentle turning point.
- China's Caixin services PMI for January missed estimates.
According to the Analysis, pair is expected to find support at 0.6693 and a fall through could take it to the next support level of 0.6678 The pair is expected to find its first resistance at 0.6741 and a rise through could take it to the next resistance level of 0.6756 .
EUR/USD
· EUR traded lower against USD and closed at 1.1042
Amid risk reset, the EUR/USD pair is currently trading near 1.1034, down 0.10% on the day, having faced rejection near 1.11 on Monday.
1.EUR/USD is losing altitude amid risk reset in the financial markets.
2. Coronavirus scare has eased with China's decision to inject liquidity.
3. All eyes remain on Eurozone data, ECB Lagarde’s speech and US PMIs.
According to the Analysis, pair is expected to find support at 1.1035 and a fall through could take it to the next support level of 1.1027. The pair is expected to find its first resistance at 1.1059 and a rise through could take it to the next resistance level of 1.1067
Important Economic Events of the Day
· NZD Employment Change q/q
· USD ISM Non-Manufacturing PMI
· USD EIA Crude Oil Stocks Change
· USD ISM Non-Manufacturing PMI
More information about the release time of news and its impact visit Economic Calendar Page!