AUD/USD clings to modest daily gains below 0.7750 as focus shifts to US data

AUD/USD is posting small daily gains on Friday.
Broad-based USD weakness is helping AUD/USD stay in the positive territory.
Focus shifts to Retail Sales and Industrial Production data from US.

Eren Sengezer FXStreet

Following Wednesday's steep decline, the AUD/USD pair managed to post small daily gains on Thursday and extended its rebound toward 0.7750 on Friday. Ahead of key macroeconomic data releases from the US, however, the pair seems to be having a difficult time gathering momentum. As of writing, AUD/USD was up 0.1% on the day at 0.7737.

Upbeat market mood hurts USD

The broad-based USD weakness is helping AUD/USD to stay afloat in the positive territory. The US Dollar Index, which touched a six-day high of 90.90 on Wednesday, is currently losing 0.3% at 90.45. In the absence of significant fundamental drivers, the greenback struggles to find demand in the risk-positive market environment.

Later in the session, the US Census Bureau will release the April Retail Sales data. The US Federal Reserve's Industrial Production data will be featured in the US economic docket ahead of the University of Michigan's Consumer Sentiment Index.

Meanwhile, the S&P 500 Futures are up 0.6% on the day, suggesting that risk flows could continue to dominate the financial markets in the second half of the day and support AUD.

Technical levels to watch for

AUD/USD

Overview
Today last price	0.7736
Today Daily Change	0.0007
Today Daily Change %	0.09
Today daily open	0.7729

Trends
Daily SMA20	0.7761
Daily SMA50	0.771
Daily SMA100	0.7721
Daily SMA200	0.7492

Levels
Previous Daily High	0.7769
Previous Daily Low	0.7688
Previous Weekly High	0.7863
Previous Weekly Low	0.7674
Previous Monthly High	0.7819
Previous Monthly Low	0.7531
Daily Fibonacci 38.2%	0.7738
Daily Fibonacci 61.8%	0.7719
Daily Pivot Point S1	0.7688
Daily Pivot Point S2	0.7647
Daily Pivot Point S3	0.7607
Daily Pivot Point R1	0.7769
Daily Pivot Point R2	0.781
Daily Pivot Point R3	0.785

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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