#AUDUSD @ 0.66307 scales higher for the second straight day and jumps to a nearly two-week high. (Pivot Orderbook analysis)

…
This is a premium post.
[s2If !current_user_can(access_s2member_level4)]Please register for FREE REGISTER to read full post below containing analysis. In case of any error or you think you are not able to read the full post below, please email us at support#nehcap.com [lwa][/s2If] [s2If current_user_can(access_s2member_level1)]

• AUD/USD scales higher for the second straight day and jumps to a nearly two-week high.
• Reduced bets for another 25 bps Fed rate hike in June continue to weigh on the Greenback.
• A positive risk tone further benefits the risk-sensitive Aussie ahead of the key US NFP report.

The pair currently trades last at 0.66307.

The previous day high was 0.6582 while the previous day low was 0.6484. The daily 38.2% Fib levels comes at 0.6544, expected to provide support. Similarly, the daily 61.8% fib level is at 0.6522, expected to provide support.

The AUD/USD pair builds on this week’s recovery from its lowest level since November 2022 and gains strong follow-through traction for the second successive day on Friday. The momentum remains uninterrupted through the first half of the European session and lifts spot prices to a nearly two-week high, around the 0.6625-0.6630 region in the last hour.

The US Dollar (USD) adds to the overnight heavy losses and remains depressed on the last day of the week, which, in turn, is seen as a key factor pushing the AUD/USD pair higher. The recent comments by a slew of influential Federal Reserve (Fed) officials forced investors to scale back their expectations for another 25 bps lift-off in June. This, along with a generally positive risk tone, drags the safe-haven buck to over a one-week low and benefits the risk-sensitive Aussie.

A private survey showed on Thursday that China’s manufacturing sector unexpectedly registered modest growth in May. Furthermore, the passage of bipartisan legislation to lift the government’s $31.4 trillion debt ceiling and avert an unprecedented American default boosts investors’ confidence. Apart from this, speculations that the Reserve Bank of Australia (RBA) could tighten its monetary policy support prospects for a further appreciating move for the AUD/USD pair.

That said, the Relative Strength Index (RSI) on the 1-hour chart is already flashing overbought conditions and acting as a headwind for spot prices. Traders might also refrain from placing aggressive bets and prefer to move to the sidelines ahead of the release of the US monthly employment details, due later during the early North American session. The popularly known NFP report will play a key role in driving the USD demand and provide some meaningful impetus to the AUD/USD pair.

Technical Levels: Supports and Resistances

AUDUSD currently trading at 0.6627 at the time of writing. Pair opened at 0.6567 and is trading with a change of 0.91 % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 0.6633, 50 SMA 0.6664, 100 SMA @ 0.6758 and 200 SMA @ 0.6696.

The previous day high was 0.6582 while the previous day low was 0.6484. The daily 38.2% Fib levels comes at 0.6544, expected to provide support. Similarly, the daily 61.8% fib level is at 0.6522, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.6507, 0.6447, 0.641
• Pivot resistance is noted at 0.6604, 0.6641, 0.6701

[/s2If]
Nehcap Expert Advisor
The NEHCAP MT4 EA is high quality professional trading system geared to generate returns without using GRID or martingales. Each trade has strict risk per trade parameter. The pairs under management include EURUSD, GBPUSD, AUDCAD, AUDNZD,GBPAUD, EURAUD, EURCAD, CHFJPY and many more.
The system is trading live: LIVE ACCOUNT TRACKING
You can run it free. Apply for a free trial and track our account. Buy the system or use profit share mechanism to generate returns on your MT4.
Join Our Telegram Group