#AUDUSD @ 0.67250 gains some follow-through traction on Friday and touches a two-week high. (Pivot Orderbook analysis)
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- AUD/USD gains some follow-through traction on Friday and touches a two-week high.
- The USD comes under renewed selling pressure and lends some support to the major.
- Traders seem reluctant to place fresh bets and keenly await the release of the US NFP.
The pair currently trades last at 0.67250.
The previous day high was 0.6706 while the previous day low was 0.664. The daily 38.2% Fib levels comes at 0.6681, expected to provide support. Similarly, the daily 61.8% fib level is at 0.6666, expected to provide support.
The AUD/USD pair climbs to a two-week high on Friday, albeit struggles to capitalize on the momentum beyond a technically significant 200-day Simple Moving Average (SMA). The pair, however, maintains its bid tone through the early European session and trades around the 0.6725-0.6730 region, still up over 0.50% for the day.
A combination of factors prompts fresh selling around the US Dollar, which, in turn, allows the AUD/USD pair to prolong its upward trajectory witnessed since the beginning of the current week. Concerns about the banking sector in the US, along with the Federal Reserve’s (Fed) less hawkish outlook, fail to assist the USD to build on the previous day’s bounce from over a one-week low.
Investors remain worried about a full-blown US banking crisis and now fear that regional lender PacWest Bancorp could be the next potential domino to fall. The US central bank, meanwhile, outlined a more stringent and data-driven approach to hiking rates further. Moreover, Fed Chair Jerome Powell signalled that the central bank was close to hitting the terminal rate of the current tightening cycle.
Apart from this, concerns over the US debt ceiling, along with a modest recovery in the US equity markets, undermine the safe-haven Greenback and benefit the risk-sensitive Aussie. That said, a further recovery in the US Treasury bond yields helps limit losses for the USD and keeps a lid on the AUD/USD pair ahead of Friday’s release of the closely-watched US monthly employment details.
The popularly known Nonfarm Payrolls (NFP) report is due for release later during the early North American session. This will play a key role in influencing the near-term USD price dynamics and provide some meaningful impetus to the AUD/USD pair. Nevertheless, spot prices remain on track to register strong weekly gains and snap a two-week losing streak heading into the key data risk.
Technical Levels: Supports and Resistances
AUDUSD currently trading at 0.6726 at the time of writing. Pair opened at 0.6693 and is trading with a change of 0.49 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 0.6726 |
| 1 | Today Daily Change | 0.0033 |
| 2 | Today Daily Change % | 0.4900 |
| 3 | Today daily open | 0.6693 |
The pair is trading above its 20 Daily moving average @ 0.6677, above its 50 Daily moving average @ 0.6683 , below its 100 Daily moving average @ 0.6788 and below its 200 Daily moving average @ 0.673
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 0.6677 |
| 1 | Daily SMA50 | 0.6683 |
| 2 | Daily SMA100 | 0.6788 |
| 3 | Daily SMA200 | 0.6730 |
The previous day high was 0.6706 while the previous day low was 0.664. The daily 38.2% Fib levels comes at 0.6681, expected to provide support. Similarly, the daily 61.8% fib level is at 0.6666, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 0.6653, 0.6614, 0.6587
- Pivot resistance is noted at 0.6719, 0.6746, 0.6785
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 0.6706 |
| Previous Daily Low | 0.6640 |
| Previous Weekly High | 0.6706 |
| Previous Weekly Low | 0.6574 |
| Previous Monthly High | 0.6806 |
| Previous Monthly Low | 0.6574 |
| Daily Fibonacci 38.2% | 0.6681 |
| Daily Fibonacci 61.8% | 0.6666 |
| Daily Pivot Point S1 | 0.6653 |
| Daily Pivot Point S2 | 0.6614 |
| Daily Pivot Point S3 | 0.6587 |
| Daily Pivot Point R1 | 0.6719 |
| Daily Pivot Point R2 | 0.6746 |
| Daily Pivot Point R3 | 0.6785 |
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