AUD/USD continues to fluctuate in tight range below 0.7600

AUD/USD continues to move sideways below 0.7600 on Thursday.
US Dollar Index struggles to gain traction following Wednesday's modest rebound.
Focus shifts to key macroeconomic data releases from the US.

Eren Sengezer FXStreet

The AUD/USD pair closed the first three days of the week in the positive territory but seems to be having a difficult time extending its rebound on Thursday. As of writing, the pair was posting small daily gains at 0.7580.

Eyes on US data, Fedspeak

In the absence of high-tier macroeconomic data releases from Australia, the USD's market valuation remains the primary driver of AUD/USD's action. After edging lower in the first half of the day on Wednesday, the US Dollar Index managed to gain traction in the American session and snapped a two-day losing streak, keeping AUD/USD's upside limited.

Later in the day, the US Bureau of Economic Analysis (BEA) will release its final reading of the annualized first-quarter real GDP growth, which is expected to match the previous estimate of 6.4%. Other data releases from the US will include the weekly Initial Jobless Claims and May Durable Goods Orders.

Additionally, NY Fed President John Williams, Atlanta Fed President Raphael Bostic and St. Louis Fed President James Bullard are scheduled to deliver speeches during the American trading hours.

Ahead of these key events, the US Dollar Index is modestly lower on the day at 91.68. Meanwhile, S&P Futures are up 0.5% on the day, suggesting that risk flows could dominate the markets in the second half of the day and cause the USD to remain on the back foot.

Technical levels to watch for

AUD/USD

Overview
Today last price	0.7576
Today Daily Change	0.0002
Today Daily Change %	0.03
Today daily open	0.7574

Trends
Daily SMA20	0.7674
Daily SMA50	0.7725
Daily SMA100	0.7721
Daily SMA200	0.7558

Levels
Previous Daily High	0.76
Previous Daily Low	0.7537
Previous Weekly High	0.7727
Previous Weekly Low	0.7477
Previous Monthly High	0.7892
Previous Monthly Low	0.7674
Daily Fibonacci 38.2%	0.7576
Daily Fibonacci 61.8%	0.7561
Daily Pivot Point S1	0.754
Daily Pivot Point S2	0.7507
Daily Pivot Point S3	0.7477
Daily Pivot Point R1	0.7603
Daily Pivot Point R2	0.7633
Daily Pivot Point R3	0.7666

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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