AUD/USD: best performer losing to European supply ahead of Jackson Hole

AUD/USD is in a tight range yet was the best performer yesterday, in an otherwise very dull lead into the Asian session.

AUD/USD is consolidating the supply of European markets while we await the Jackson Hole tomorrow. However, we did have the durable goods that was a potential catalyst in the US session for the greenback. Durable goods have been a poor result of late for the US economy and this time around it was simply 'less bad', as analyst, Rob Carnell, at ING Bank, put it.

"Some marginally better than expected durable goods orders don't change our view that a September rate hike from the Fed is difficult to support."

We now await, Janet Yellen, who Rob Carnell said, will struggle to make a strong case for imminent further tightening at her Jackson Hole speech later on Friday - "though no doubt she will try to maintain an optimistic view, and keep further tightening options open."

AUD/USD levels

Spot is presently trading at 0.7612, and next resistance can be seen at 0.7613 (Daily Classic PP), 0.7613 (Daily Open), 0.7614 (Weekly Low), 0.7617 (Hourly 20 EMA) and 0.7620 (Hourly 100 SMA). Support below can be found at 0.7602 (Daily Low), 0.7590 (Daily Classic S1), 0.7589 (Yesterday's Low), 0.7568 (Weekly Classic S1) and 0.7566 (Daily Classic S2).  Regarding candlestick formations, we can see Doji formation on the 1-hour and a Doji formation on the 4-hour chart.