- AUD/USD clings to daily gains in the American session.
- Wall Street's main indexes push higher ahead of the weekend.
- US Dollar Index stays deep in red around 91.00 after PMI data.
The AUD/USD pair staged a decisive rebound following Thursday's drop and touched a fresh daily high of 0.7747 during the American trading hours on Friday. As of writing, the pair was up 0.48% on a daily basis at 0.7742. Despite Friday's recovery, AUD/USD remains on track to close the week flat.
Earlier in the day, the broad-based selling pressure surrounding the greenback helped AUD/USD gain traction. With Wall Street's main indexes pushing higher after the opening bell, the USD struggled to find demand and the US Dollar Index (DXY) dropped below 91.00.
The data published by the IHS Markit showed on Friday that the economic activity in the US private sector continued to expand at an unprecedented pace with the Composite PMI reaching a series-high of 62.2 in April. Moreover, the Services PMI and the Manufacturing PMI came in at 60.6 and 63.1, respectively, both reading beating analysts' estimates.
However, the underlying details of the PMI report revealed that input prices continued to rise sharply and producers started to pass those increases to their clients, reviving concerns over high inflation. The 10-year US Treasury bond yield moved into the positive territory and helped the DXY limit its losses.
AUD/USD near-term outlook
Credit Suisse analysts think AUD/USD could push lower with a sustained move below 0.7700/0.7690 support area and target 0.7680/0.7674 next.
"Beneath here would open up a move back to 0.7588/86, then the 0.7532 low. Removal of here would decisively reassert the broader topping theme and end the new, broader range," analysts added. "Only above 0.7839/49 would resolve the range to the upside and instead confirm a resumption of the broader bull trend, suggesting a quick move to 0.7900/05 and then the 2021 high at 0.8000/07.”
Additional levels to watch for
|Today last price||0.7744|
|Today Daily Change||0.0036|
|Today Daily Change %||0.47|
|Today daily open||0.7708|
|Previous Daily High||0.7765|
|Previous Daily Low||0.769|
|Previous Weekly High||0.7762|
|Previous Weekly Low||0.7585|
|Previous Monthly High||0.785|
|Previous Monthly Low||0.7562|
|Daily Fibonacci 38.2%||0.7718|
|Daily Fibonacci 61.8%||0.7736|
|Daily Pivot Point S1||0.7676|
|Daily Pivot Point S2||0.7645|
|Daily Pivot Point S3||0.7601|
|Daily Pivot Point R1||0.7752|
|Daily Pivot Point R2||0.7796|
|Daily Pivot Point R3||0.7827|
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Follow us on Telegram
Stay updated of all the news
EUR/USD rises toward 1.0850 as USD struggles to recover
EUR/USD has regained its traction and rose to the 1.0850 area after having retreated toward 1.0800 earlier in the session. The US Dollar struggles to stage a decisive rebound despite upbeat consumer confidence data from the US, allowing the pair to continue to push higher.
GBP/USD advances to fresh daily highs near 1.2350
Following a correction to the 1.2300 area, GBP/USD reversed its direction and advanced toward 1.2350. Although Wall Street's main indexes are trading mixed on Tuesday, the US Dollar stays on the back foot and helps the pair gather bullish momentum.
Gold: XAU/USD grinds north above $1,950 Premium
Spot gold trades near a daily high of $1,970.03 a troy ounce, as broad US Dollar weakness helped the metal recover some ground. XAU/USD trimmed half of its Monday’s losses, although a better market mood subdued demand for the bright metal.
Ethereum (ETH) options traders turn bearish ahead of the token unlock
Ethereum is holding steady above the $1,700 level despite slight bearish sentiment among options traders. Analysts have noted a rise in open interest in Ethereum, as co-founder Lubin assures that the altcoin is not a security.
S&P 500: With banking crisis in rear view, market pushes index closer to 4,000
The S&P 500 on Monday moved ahead cautiously without much fanfare after the US government agreed to sell $72 billion worth of Silicon Valley Bank assets to First Citizens Bank (FCNCA).