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19 Feb 2020

AUD/USD clings to modest gains near 0.6700 mark, lacks follow-through

  • AUD/USD gains some positive traction on Wednesday amid improving risk sentiment.
  • A pickup in the US bond yields underpinned the already stronger USD and capped gains.

The AUD/USD pair traded with a mild positive bias through the Asian session, with bulls still awaiting a sustained move beyond the 0.6700 round-figure mark.

The pair managed to regain some positive traction on Wednesday and recovered further from over one-week lows, set in the previous session amid mounting concerns over deepening economic fallout from the coronavirus outbreak.

The upside seems limited

However, a recovery in the global risk sentiment, supported by a slowdown in new cases, extended some support to perceived riskier currencies, including the Australian dollar, and attracted some buying interest around the major.

On the other hand, the US dollar stood tall near multi-month tops and remained well supported by Tuesday's stronger-than-expected Empire State Manufacturing Index, which surpassed consensus estimates and rose sharply to 12.9 in February.

Meanwhile, a positive mood around equity markets led to a modest uptick in the US Treasury bond yields and further underpinned the already stronger greenback, which eventually turned out to be the only factor capping additional gainst.

Hence, it will be prudent to wait for some strong follow-through buying before traders start positioning for any further near-term appreciating move. Moving ahead, Wednesday's release of housing market data and Producer Price Index from the US, along with speeches by influential FOMC members will be looked upon for a fresh impetus.

Technical levels to watch

 

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