AUD/USD climbs to fresh weekly highs above 0.7120


  • AUD/USD gained traction after breaking above 0.7100 on Tuesday.
  • US Dollar Index declines toward 94.00 ahead of key data, presidential debate.
  • S&P 500 futures are posting modest daily losses.

After spending the first half of the day fluctuating in a tight range below 0.7100, the AUD/USD pair gained traction ahead of the American session and rose to a fresh weekly high of 0.7128. As of writing, the pair was up 0.76% on the day at 0.7123.

DXY closes in on 94.00

The US Dollar Index (DXY), which gained 1.7% last week, staged a technical correction on Monday and closed in the negative territory. Ahead of key macroeconomic data releases and the first presidential debate, the DXY pushed lower on Tuesday and helped AUD/USD preserve its bullish momentum. At the moment, the DXY is down 0.25% at 94.04.

The US Census Bureau will release the Goods Trade Balance data for August at 1230 GMT. Later in the session, the Conference Board's Consumer Confidence Index data will be looked upon for fresh catalysts.

Meanwhile, the S&P 500 futures are down 0.15% on the day, suggesting that Wall Street could start the day modestly lower. Investors are likely to adopt a cautious mood in the second half of the day and the USD could take advantage of the risk-averse market environment and start recovering its losses against its major rivals.

On Wednesday, Building Permits and Private Sector Credit data will be featured in the Australian economic docket.

Technical levels to watch for

AUD/USD

Overview
Today last price 0.7124
Today Daily Change 0.0053
Today Daily Change % 0.75
Today daily open 0.7071
 
Trends
Daily SMA20 0.7235
Daily SMA50 0.7204
Daily SMA100 0.7012
Daily SMA200 0.6775
 
Levels
Previous Daily High 0.7075
Previous Daily Low 0.7028
Previous Weekly High 0.7325
Previous Weekly Low 0.7004
Previous Monthly High 0.7416
Previous Monthly Low 0.7076
Daily Fibonacci 38.2% 0.7057
Daily Fibonacci 61.8% 0.7046
Daily Pivot Point S1 0.7041
Daily Pivot Point S2 0.7011
Daily Pivot Point S3 0.6994
Daily Pivot Point R1 0.7088
Daily Pivot Point R2 0.7105
Daily Pivot Point R3 0.7135

 

 

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