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10 Feb 2020

AUD/USD bulls looking to extend the recovery move beyond 0.6700 mark

  • AUD/USD stages a modest bounce from a decade lows post-Chinese CPI.
  • The USD consolidated the recent strong gains and remained supportive.
  • The uptick is likely to remain capped amid concerns about coronavirus.

The AUD/USD pair held on to its goodish intraday recovery move from a decade low, with bulls now looking to extend the momentum further beyond the 0.6700 round-figure mark.

The pair stalled its recent bearish trajectory, at least for the time being, and witnessed some short-covering bounce on the first trading day of the week following the release of hotter-than-expected Chinese consumer inflation figures.

A combination of factors prompt some short-covering

In fact, the headline Chinese CPI came in at 1.4% MoM (0.8% estimated) and pushed the annualized rate to 5.4% (4.9% expected) in January, which eventually provided a much-needed respite to the China-proxy Australian dollar.

The uptick was further supported by a subdued price action surrounding the US dollar, which consolidated its recent strong gains. The key USD index climbed to near four-month tops on Friday following the release of stronger NFP figures.

The latest US employment details showed that the economy added 225K new jobs in January. The reading helped offset a modest uptick in the unemployment rate and a slight disappointment from average hourly earnings data.

It, however, remains to be seen if the pair is able to capitalize on the attempted recovery or meets with some fresh supply at higher levels amid growing market concerns over the economic effect of the outbreak of the deadly coronavirus.

Technical levels to watch

 

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