AUD/USD unmoved by strong NAB Business Conditions data

The NAB Monthly Business Survey for March 2017 released a few minutes back showed the Business Conditions rose to their highest since GFC. However, the data has failed to impress the AUD/USD pair, which trades around 0.7505 levels. 

The business conditions index jumped 5 points, to +14 index points, its highest level since the Global Financial Crisis. The business confidence remains relatively lackluster, below the peaks of recent years - Down 1 point to 6 points. 

The drop in the confidence index could be the reason behind Aussie’s dull response to the upbeat business conditions data. 

The spot has been able to avoid a fall below 0.75 largely due to the fact that Yellen offered little/no support to the USD bulls. 

AUD/USD Technical Levels

A break above 0.7517 (100-DMA) would open up upside towards 0.7554 (200-DMA) and 0.7572 (10-DMA). On the other hand, a breakdown of support at 0.7491 (Mar 9 low) could yield a sell-off to 0.74 (zero figure). A violation there would expose 0.7370 (Dec 1 low).