- AUD/USD extended its daily slide in the American session.
- US Dollar Index is up nearly 2% for the week.
- AUD/USD is losing 3.75% since the start of the week.
The AUD/USD came under renewed bearish pressure during the American session and slumped to its lowest level in more than two months at 0.7007. As of writing, the pair was down 0.41% on the day at 0.7016. On a weekly basis, AUD/USD is losing 3.75% and looks to suffer its biggest percentage decline since early March.
The broad-based USD strength in the second half of the day caused AUD/USD to extend its slide. Following a modest downward correction on Thursday, the US Dollar Index (DXY) gained traction and rose to its highest level in 9 weeks at 94.74 before retreating slightly. At the moment, the DXY is at 94.68 rising 0.37% and 1.8% on a daily and weekly basis, respectively.
The only data from the US showed that Durable Goods Orders in August rose by 0.4% in August. Although this reading came in worse than the market expectation for an increase of 1.5%, underlying details of the report revealed that Durable Goods Orders excluding Defense rose by 0.7% and beat analysts' estimate of 0.1%.
AUD/USD near-term outlook
Westpac analysts share their view for AUD/USD's near-term outlook:
"Benchmark iron ore has dropped $15 from the 14 Sep high and gold has tumbled but coking coal and copper are holding up. Australia will continue printing trade surpluses but the USD and risk mood are key for the aussie near-term.”
“It is hard to draw a line under AUD/USD in the current market mood, so we switch to down on the week, with scope for 0.6965 then the 0.6900 area, though there is no obvious support around there.”
Additional levels to watch for
|Today last price||0.7017|
|Today Daily Change||-0.0029|
|Today Daily Change %||-0.41|
|Today daily open||0.7046|
|Previous Daily High||0.7086|
|Previous Daily Low||0.7016|
|Previous Weekly High||0.7346|
|Previous Weekly Low||0.7254|
|Previous Monthly High||0.7416|
|Previous Monthly Low||0.7076|
|Daily Fibonacci 38.2%||0.7042|
|Daily Fibonacci 61.8%||0.7059|
|Daily Pivot Point S1||0.7012|
|Daily Pivot Point S2||0.6979|
|Daily Pivot Point S3||0.6942|
|Daily Pivot Point R1||0.7083|
|Daily Pivot Point R2||0.712|
|Daily Pivot Point R3||0.7154|
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.