AUD/USD Current Price: 0.6839

  • Chinese trade data reflected persistent tensions with the US.
  • Aussie underpinned by Wall Street’s rally, gains limited by trade war jitters.
  • AUD/USD neutral, bears could take over on a break below 0.6800.

The AUD/USD pair finished Friday and the week with gains at 0.6840, as the greenback strength post-NFP was offset by a solid rally in US indexes. The Australian dollar got boosted at the beginning of the week by an optimistic RBA and dismal US data reaching 0.6865, a level that the market was unable to take over afterward.  Wall Street rallied on Friday on the back of a solid US employment report, underpinning the pair.

During the weekend, China released its November Trade Balance, which posted a surplus of $38.73B, missing the market’s expectations of $46.3B.In dollar terms, imports were up by 0.3%, but exports plummeted, down by 1.1%, the fourth consecutive monthly decline amid persistent trade war jitters. Also, Chinese exports to the US fell 12.5%, while imports dropped 23.3% in the year to November. Nor Australia neither China will release macroeconomic data this Monday.

AUD/USD short-term technical outlook

The AUD/USD pair has settled around the 50% retracement of its November slump, meeting sellers at the next Fibonacci resistance at 0.6865. In the daily chart, the pair is developing below bearish 20 and 100 SMA, both converging around the 0.6800 level, while technical indicators hold within positive levels, although lacking strength upward. In the 4-hour chart, the pair offers a neutral-to-bullish stance, holding just above directionless 20 and 200 SMA, as technical indicators hover around their midlines, without offering directional clues. The pair would need to break above 0.6865 or below the 0.6800 figure to attract speculative interest.

Support levels: 0.6800 0.6770  0.6730  

Resistance levels: 0.6865 0.6890 0.6920

View Live Chart for the AUD/USD

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Analysis feed

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!

Latest Analysis

Latest Forex Analysis

Editors’ Picks

EUR/USD trades above 1.18 ahead of US retail sales

EUR/USD is trading above 1.18, off the highs. The dollar advanced along with higher yields, the ongoing fiscal impasse, and upbeat jobless claims. The focus shifts to US retail sales for July. 


GBP/USD trades above 1.3050 ahead of more reopening steps

GBP/USD is trading above 1.3050, off the lows. The UK is set to ease some restrictions over the weekend, extending its gradual exit from lockdown. The US dollar is taking a break after gaining and ahead of retail sales. 


Gold trades with modest losses, below $1950 level

Gold traded with a mild negative bias through the early European session and was last seen hovering near the lower end of its daily range, around the $1945 region.

Gold News

Forex Today: Three reasons for the greenback comeback, all eyes on retail sales

The US dollar has been gaining ground once again as the bond-yield pendulum swings up again. Washington's fiscal impasse, a weak bond auction, upbeat jobless claims, and Sino-American relations will make way for retail sales figures for July. 

Read more

WTI drops to $42 amid poor Chinese data led risk-aversion

WTI (futures on Nymex) has come under fresh selling pressure and attacks the $42 level, as risk-aversion seeps into the European session and diminishes the demand for the higher-yielding assets such as oil.

Oil News

Forex Majors