The AUDUSD currency pair closed near 0.6890 on Thursday, after starting at 0.68872, resulting in a 1.47% increase for the day.
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- AUD/USD closed Thursday near 0.6890, recording a 1.47% gain.
The pair currently trades last at 0.68872.
The previous day high was 0.6796 while the previous day low was 0.6682. The daily 38.2% Fib levels comes at 0.6753, expected to provide support. Similarly, the daily 61.8% fib level is at 0.6726, expected to provide support.
On Thursday, the AUD/USD tallied a fifth consecutive day of gains and closed near the 0.6890 zone. The broad USD weakness amid dovish bets on the Federal Reserve (Fed) following soft inflation figures allowed the Aussie to gain ground despite weak Trade Balance figures reported from China early in the Asian session.
The Producer Price Index (PPI) from the US from June came in at 0.1% lower than expected at 0.2%, and the Core Figure was 2.4% lower than expected at 2.6%. As a reaction, US Treasury bond yields saw sharp declines across the board, with the 2, 5 and 10-year yields retreating to 4.63%, 3.94% and 3.76%, respectively.
Even though a 25 basis point rate hike is expected at the next FOMC (Federal Open Market Committee) meeting on July 25-26, what is driving the Dollar lower is the belief that it will be the last hike. It’s worth noting that several officials deemed “additional” increases necessary but the recent inflation from the US figures released on Wednesday and Thursday made markets refrain from betting on an additional hike past July.
The daily chart suggests that the pair’s outlook for the short term is bullish. Indicators hold strong in positive territory, with the Relative Strength Index (RSI) nearing overbought conditions and the Moving Average Convergence Divergence (MACD) printing rising green bars, indicating that the bulls have the upper hand.
Resistance Levels: 0.6900 (June’s high), 0.6950,0.6980.
Support Levels: 0.6785, 0.6750, 0.6715 (20-day Simple Moving Average).
Technical Levels: Supports and Resistances
AUDUSD currently trading at 0.6885 at the time of writing. Pair opened at 0.6786 and is trading with a change of 1.46 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 0.6885 |
| 1 | Today Daily Change | 0.0099 |
| 2 | Today Daily Change % | 1.4600 |
| 3 | Today daily open | 0.6786 |
The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 0.6718, 50 SMA 0.6681, 100 SMA @ 0.6683 and 200 SMA @ 0.6701.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 0.6718 |
| 1 | Daily SMA50 | 0.6681 |
| 2 | Daily SMA100 | 0.6683 |
| 3 | Daily SMA200 | 0.6701 |
The previous day high was 0.6796 while the previous day low was 0.6682. The daily 38.2% Fib levels comes at 0.6753, expected to provide support. Similarly, the daily 61.8% fib level is at 0.6726, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 0.6713, 0.6641, 0.6599
- Pivot resistance is noted at 0.6827, 0.6869, 0.6941
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 0.6796 |
| Previous Daily Low | 0.6682 |
| Previous Weekly High | 0.6705 |
| Previous Weekly Low | 0.6599 |
| Previous Monthly High | 0.6900 |
| Previous Monthly Low | 0.6484 |
| Daily Fibonacci 38.2% | 0.6753 |
| Daily Fibonacci 61.8% | 0.6726 |
| Daily Pivot Point S1 | 0.6713 |
| Daily Pivot Point S2 | 0.6641 |
| Daily Pivot Point S3 | 0.6599 |
| Daily Pivot Point R1 | 0.6827 |
| Daily Pivot Point R2 | 0.6869 |
| Daily Pivot Point R3 | 0.6941 |
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