AUD/USD climbs to highest level in nearly three years above 0.7830


  • AUD/USD is rising sharply after closing in the green on Thursday.
  • US Dollar Index continues to push lower on Friday.
  • Focus shits to preliminary Manufacturing and Services PMI data from US.

The AUD/USD pair registered small daily gains on Thursday and stayed relatively quiet during the Asian trading hours on Friday. With the greenback struggling to find demand, however, the pair gained traction in the early European session and jumped to its highest level since March 2018 at 0.7839. As of writing, the pair was up 0.9% on the day at 0.7837.

USD remains on the back foot

Earlier in the day, the data published by the Australian Bureau of Statistics revealed that Retail Sales in January rose by 0.6% on a monthly basis and missed the market expectation for an increase of 2%. Nevertheless, this report was largely ignored by the market participants.

The positive shift seen in risk sentiment seems to be weighing on the greenback on Friday. Reflecting the broad-based USD weakness, the US Dollar Index is currently down 0.36% on the day at 90.26. Meanwhile, the S&P 500 Futures are up 0.3% on the day, suggesting that risk flows are likely to continue to dominate the financial markets in the second half of the day.

Later in the day, the IHS Markit will release February's preliminary Services and Manufacturing PMI reports for the US. January Existing Home Sales data will be featured in the US economic docket as well.

Technical levels to watch for

AUD/USD

Overview
Today last price 0.7839
Today Daily Change 0.0071
Today Daily Change % 0.91
Today daily open 0.7768
 
Trends
Daily SMA20 0.7701
Daily SMA50 0.7679
Daily SMA100 0.7458
Daily SMA200 0.7246
 
Levels
Previous Daily High 0.7791
Previous Daily Low 0.773
Previous Weekly High 0.7773
Previous Weekly Low 0.765
Previous Monthly High 0.782
Previous Monthly Low 0.7592
Daily Fibonacci 38.2% 0.7768
Daily Fibonacci 61.8% 0.7754
Daily Pivot Point S1 0.7735
Daily Pivot Point S2 0.7702
Daily Pivot Point S3 0.7674
Daily Pivot Point R1 0.7796
Daily Pivot Point R2 0.7824
Daily Pivot Point R3 0.7856

 

 

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