AUD/USD consolidates in a narrow range around 0.6600 ahead of the US NFP data

AUD/USD remains confined near 0.6600 in the early Monday session.
US weekly Initial Jobless Claims surged to 220K, Continuing Claims dropped to 1.861M vs. 1.925M prior.
The Australian trade surplus narrowed to 7,129M in October from 6,184 in September.
US Nonfarm Payrolls will be in the spotlight on Friday.

Lallalit Srijandorn FXStreet

The AUD/USD pair oscillates in a narrow range around the 0.6600 psychological mark during the early Asian session on Friday. The weaker-than-expected Australian data and the pessimism about China’s economic outlook weigh on the Australian Dollar. AUD/USD currently trades near 0.6599, down 0.09% on the day.

The US weekly Initial Jobless Claims for the week ending December 1 surged to 220K, below the market expectation of 222K. Continuing Claims dropped to 1.861M from 1.925M, worse than the 1.919M expected. Traders will take more cues from the US employment data on Friday. The US Nonfarm Payrolls are expected to rise by 180K and the Unemployment Rate is estimated to remain steady at 3.9%. The stronger-than-expected data might boost the US Dollar (USD) and act as a headwind for the AUD/USD pair.

On the Aussie front, the October Trade Data failed to lift the Australian Dollar (AUD). The trade surplus narrowed to 7,129M in October from 6,184 in the previous reading, below the market estimation of 7,500M. Furthermore, China’s commodity imports for November raised concern about the economic slowdown in the world’s second-largest economy. The downbeat data and renewed worries about China's economy could convince the Reserve Bank of Australia (RBA) to cut rates in 2024, which might drag the AUD lower.

Looking ahead, market participants will closely watch the US Nonfarm Payrolls, due later on Friday. Also, the Unemployment Rate, Average Hourly Earnings, and the University of Michigan’s Consumer Sentiment Index will be released. These events could trigger the volatility in the market and keep a clear direction to the AUD/USD pair.

AUD/USD

Overview
Today last price	0.6599
Today Daily Change	0.0049
Today Daily Change %	0.75
Today daily open	0.655

Trends
Daily SMA20	0.6539
Daily SMA50	0.6439
Daily SMA100	0.6469
Daily SMA200	0.6578

Levels
Previous Daily High	0.6597
Previous Daily Low	0.6548
Previous Weekly High	0.6677
Previous Weekly Low	0.6567
Previous Monthly High	0.6677
Previous Monthly Low	0.6318
Daily Fibonacci 38.2%	0.6567
Daily Fibonacci 61.8%	0.6578
Daily Pivot Point S1	0.6533
Daily Pivot Point S2	0.6516
Daily Pivot Point S3	0.6483
Daily Pivot Point R1	0.6583
Daily Pivot Point R2	0.6615
Daily Pivot Point R3	0.6632

Author

Lallalit Srijandorn

FXStreet

Lallalit Srijandorn is a Parisian at heart. She has lived in France since 2019 and now becomes a digital entrepreneur based in Paris and Bangkok.

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