• AUDUSD remains lower despite upbeat Australian trade data.
  • Australia's trade balance rose above market consensus, as did previous data during July, as well as improved domestic data.
  • Australia continues to fight with the record for the peak of transmission.
  • Risks worsened amid virus concerns, as well as cautious sentiment ahead of Friday's key data.
At the time of the AUDUSD daily analysis for September 2, 2021 written by the GIC team, the pair was at the level of 0.7359, down 0.06% near 0.7363. The AUDUSD pair continues to track market sentiment while paying little attention to upbeat domestic trade data. Australia's trade balance also continued to rise above market expectations. The breakdown for imports and exports also increased from 1.0% to 3.3% each, then from 4.0% to 4.8%. Furthermore, Investment Loans for Homes exceeded the 0.7% level in June with a figure of 1.8% for July. Despite the upbeat data, AUDUSD remains depressed as the decline in COVID-19 cases only occurred one day earlier, then surged to the highest rate of transmission, reported by ABC News recorded 1,466 cases on Wednesday. The most populous states such as New South Wales (NSW) and Victoria are the biggest contributors to the surge in cases in Australia. Apart from the pessimism caused by the virus, traders' cautious sentiment ahead of the US key jobs report for August due on Friday, will also be a challenge for the AUDUSD pair. It is worth noting that the initial signals of US employment data support the downbeat nonfarm payroll (NFP) data, which in turn will help the Fed maintain its stimulus policy and weigh on the US dollar. However, the NFP is notorious for its surprise, the decline in the number of COVID-19 hospitalizations in the US, coupled with optimistic data supporting hawkish Fed members. That way, AUDUSD traders can take cues from second-tier US employment data such as Nonfarm Productivity for the second quarter and weekly jobless claims while keeping an eye on risk catalysts such as the Coronavirus update and QE tapering for immediate cues.

What is the technical analysis of AUDUSD?

[caption id="attachment_6474" align="aligncenter" width="1024"]AUDUSD 2 September 2021 AUDUSD 2 September 2021[/caption] AUDUSD daily analysis is predicted to still try to continue strengthening or bullish towards R1, R2 and even R3, but if it cannot maintain its increase it will return to the Pivot level or it could be to the S1, S2 and even S3 levels, for details can be seen below.
  • Pivot poin is at 0,73523
  • Resistance 1 = 0,73972
  • Resistance 2 = 0,74281
  • Resistance 3 = 0,74730
  • Support 1 = 0,73214
  • Support 2 = 0,72765
  • Support 3 = 0,72456
This the daily analysis of AUDUSD September 2, 2021. You can also enjoy articles that provide information related to GIC and forex in the GIC Journal. You can also get a guidebook in the form of a Scalping Ebook. And you can also get bonuses from the GIC affiliate program.