AUD/USD climbs above 0.7600 on renewed USD weakness

AUD/USD rose to its highest level in more than a week on Friday.
US Dollar Index edges lower toward 91.50 in the early American session.
Annual Core PCE Price Index in US rose to 3.4% in May.

Eren Sengezer FXStreet

The AUD/USD pair regained its traction in the early American session on Friday and reached its highest level in eight days at 0.7614. As of writing, the pair was trading at 0.7610, rising 0.4% on a daily basis.

DXY turns south after US data

The renewed selling pressure surrounding the greenback seems to be allowing AUD/USD to gather bullish momentum ahead of the weekend. The monthly data published by the US Bureau of Economic Analysis showed on Friday that the Core Personal Consumption Expenditures (PCE) Price Index rose to 3.4% on a yearly basis in May. This reading came in line with analysts' estimate and eased concerns over the inflation outlook, triggering a USD selloff.

At the moment, the US Dollar Index (DXY) is down 0.23% on the day at 91.60. Other data from the US revealed that Personal Spending remained unchanged in May while Personal Income contracted by 2% on a monthly basis.

Later in the session, the University of Michigan's Consumer Sentiment Index for June will be looked upon for fresh impetus.

In the meantime, US stocks futures cling to modest daily gains, suggesting Wall Street's main indexes could open modestly higher.

Technical levels to watch for

AUD/USD

Overview
Today last price	0.761
Today Daily Change	0.0026
Today Daily Change %	0.34
Today daily open	0.7584

Trends
Daily SMA20	0.7666
Daily SMA50	0.7722
Daily SMA100	0.7721
Daily SMA200	0.756

Levels
Previous Daily High	0.7593
Previous Daily Low	0.7564
Previous Weekly High	0.7727
Previous Weekly Low	0.7477
Previous Monthly High	0.7892
Previous Monthly Low	0.7674
Daily Fibonacci 38.2%	0.7582
Daily Fibonacci 61.8%	0.7575
Daily Pivot Point S1	0.7568
Daily Pivot Point S2	0.7552
Daily Pivot Point S3	0.7539
Daily Pivot Point R1	0.7596
Daily Pivot Point R2	0.7609
Daily Pivot Point R3	0.7625

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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