AUD/USD continues to flub the 0.74 barrier, further downside looking likely

The Aussie remains trapped under the 0.7400 level despite a walkback by the USD.
Friday sees US NFP and tariff action, keeping markets tense ahead of the action.

Joshua Gibson FXStreet

The AUD/USD is continuing to trade just beneath the 0.7400 handle as the Aussie remains clipped by a lack of bullish data.

The Australian AiG Performance of Manufacturing Index will be printing at 22:30 GMT late Thursday, which last came in at a reading of 54, but the Aussie heads into the week's end with no other meaningful data on the docket.

The AUD/USD has left its directional bias squarely in the hands of USD traders, and the US Dollar will be seeing an intense Friday, with the US Non-Farm Payrolls at 12:30 GMT, as well as the next round of tariffs between the US and China are set to come into effect.

Trade concerns have been the market's overall theme for this week in the run-up to the enaction of US tariffs, and the Aussie has been constrained near current lows after setting a new low for 2018 this week.

AUD/USD levels to watch

The pairing is beginning to twist towards the downside as the AUD fails to capitalize on a retracement in the Greenback, and as FXStreet's Valeria Bednarik noted, "the pair presents an increasingly bearish technical stance according to the 4 hours chart, as the early advance was rejected by a bearish 100 SMA, with the pair now pressuring a horizontal 20 SMA and technical indicators heading lower, entering bearish territory. The decline will likely accelerate on a break below 0.7345, the immediate support, while the upside will look more constructive only on an upward extension above 0.7440."

Support levels: 0.7345 0.7310 0.7275

Resistance levels: 0.7410 0.7440 0.7480

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

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