AUD/USD traders sitting on hands awaiting US CPI, ignoring NAB survey

• AUD/USD: unchanged on data.
• AUD/USD awaits US CPI.

AUD/USD is unchanged on the business confidence and conditions data and is currently, AUD/USD is trading at 0.7875, up 0.04% on the day, having posted a daily high at 0.7878 and low at 0.7867.

Forex today: all eyes on US CPI

Australia business conditions index hit a record high in February - NAB survey

The National Australia Bank's business conditions index moved 3pts higher to a new record high of +21 index points in February, beating the estimated drop to +16 index points from the previous month's figure of +19 index points. 

There was very little action and no funda from sessions overnight. Instead, markets remain cautious around the tariffs. Markets are quiet ahead of the US CPI data and have cooled off since the Asian session yesterday. In US trade, AUD/USD opened near 0.7860 in the consolidation of the European recovery rally that made a high of 0.7874 before moving up to 0.7879. 

CPI inflation preview: to  rise only gradually - Nomura

AUD/USD levels

Valeria Bednarik, chief analyst at FXStreet explained that, technically, the 4 hours chart shows that the pair holds near its daily high, above a bearish 20 SMA, which now nears a Fibonacci support around 0.7820, while technical indicators turned flat after entering positive territory. "Chances are of an upward extension on a break above the mentioned 0.7890 level, the 38.2% retracement of the December/January rally," Valeria added.