#AUDUSD @ 0.66595 remains under pressure near 0.6660 amid the risk-off mood. (Pivot Orderbook analysis)

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• AUD/USD remains under pressure near 0.6660 amid the risk-off mood.
• Fed’s Bostic said rates would need to remain on hold until after the summer.
• Australian TD Securities inflation arrived at 5.2% YoY in December vs. 4.4% prior.
• Investors await the Australian Westpac Consumer Confidence for January and the US New York Empire State Manufacturing Index on Tuesday.

The pair currently trades last at 0.66595.

The previous day high was 0.6729 while the previous day low was 0.6678. The daily 38.2% Fib levels comes at 0.6697, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.6709, expected to provide resistance.

The AUD/USD pair extends its downside above the mid-0.6600s during the early Asian session on Tuesday. The risk-off tone across markets lifts the safe-haven US Dollar (USD) and weighs on the pair. At press time, AUD/USD is trading at 0.6660, up 0.02% on the day.

Atlanta Federal Reserve (Fed) president Raphael Bostic believes the interest rate needs to stay on hold until at least summer to prevent prices from rising again. Bostic added that inflation could “see-saw” if policymakers start to ease too soon, warning that the decline towards the central bank’s 2% target was likely to slow in the months ahead.

Concerns regarding geopolitical risks dominated the sentiment of market participants. According to the US Central Command, a US-owned and operated container ship on Monday was struck by an anti-ship ballistic missile from Houthi-controlled areas of Yemen. It comes only days after the United States and the United Kingdom launched joint strikes against Houthi targets in Yemen.

On the Aussie front, the Australian TD Securities inflation came in at 5.2% YoY in December from 4.4% in November. Meanwhile, the ANZ Job Advertisements grew 0.1% MoM from a 5.1% fall in the previous reading.

On Monday, the People’s Bank of China (PBoC) surprised the market by maintaining the rate on its medium-term facility steady at 2.5%. This has increased anticipation that the Reserve Requirement Ratio will be reduced the following month.

Traders will focus on the Australian Westpac Consumer Confidence for January and the US New York Empire State Manufacturing Index, due later on Tuesday. Additionally, FOMC C. Waller is set to speak. Market players will take cues from the data and find trading opportunities around the AUD/USD pair.

Technical Levels: Supports and Resistances

AUDUSD currently trading at 0.666 at the time of writing. Pair opened at 0.6683 and is trading with a change of -0.34 % .

The pair is trading below its 20 Daily moving average @ 0.6755, above its 50 Daily moving average @ 0.6632 , above its 100 Daily moving average @ 0.6513 and above its 200 Daily moving average @ 0.6584

The previous day high was 0.6729 while the previous day low was 0.6678. The daily 38.2% Fib levels comes at 0.6697, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.6709, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 0.6665, 0.6646, 0.6614
• Pivot resistance is noted at 0.6715, 0.6747, 0.6766

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