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AUD/USD extends slide to fresh daily lows below 0.7740

  • AUD/USD continues to push lower ahead of American session.
  • US Dollar Index recovers to 90.00 area on Wednesday.
  • Rising US T-bond yields and safe-haven flows support USD.

After spending the Asian session in a relatively tight range below 0.7800, the AUD/USD pair lost its footing during the European trading hours and dropped to a daily low of 0.7732. As of writing, the pair was losing 0.58% on a daily basis at 0.7745.

Eyes on Wall Street, FOMC Minutes

The broad-based USD strength is weighing on AUD/USD on Wednesday. The risk-averse market environment, as reflected by a 1% decline in the S&P Futures, is helping the safe-haven greenback outperform its rivals. At the moment, the US Dollar Index is up 0.2% on the day at 89.98.

Earlier in the day, the data from Australia showed that the Westpac Consumer Confidence Index in May dropped to -4.8% from 6.2% in April. On a positive note, the Wage Price Index in the first quarter rose to 1.5% and came in higher than the market expectation of 1.4%.

There won’t be any high-tier macroeconomic data releases featured in the US economic docket on Wednesday. At 1800 GMT, the US Federal Reserve will release the minutes of its April meeting. 

Meanwhile, investors will pay close attention to the performance of US stocks. In case Wall Street’s main indexes suffer big losses after the opening bell, the USD could continue to gather strength and weigh on AUD/USD. 

Technical levels to watch for

AUD/USD

OVERVIEW
Today last price0.7747
Today Daily Change-0.0046
Today Daily Change %-0.59
Today daily open0.7793
TRENDS
Daily SMA200.7767
Daily SMA500.7716
Daily SMA1000.7726
Daily SMA2000.7501
LEVELS
Previous Daily High0.7814
Previous Daily Low0.7759
Previous Weekly High0.7892
Previous Weekly Low0.7688
Previous Monthly High0.7819
Previous Monthly Low0.7531
Daily Fibonacci 38.2%0.7793
Daily Fibonacci 61.8%0.778
Daily Pivot Point S10.7763
Daily Pivot Point S20.7734
Daily Pivot Point S30.7708
Daily Pivot Point R10.7818
Daily Pivot Point R20.7844
Daily Pivot Point R30.7873

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