AUD/USD extends sideways grind above 0.68


  • China and the US reportedly have agreed to keep yuan exchange rate stable.
  • US Dollar Index rose to fresh weekly highs above 97.70 on Friday.
  • AUD/USD remains on track to post weekly losses.

After testing the 0.68 handle during the Asian session on Friday, the AUD/USD pair staged a technical recovery and has gone into a consolidation phase in the 0.6820/30 region in the second half of the day. As of writing, the pair was up 0.15% on the day at 0.6828.

Trade optimism supports antipodeans

In the absence of significant macroeconomic data releases, the pair struggles to set its next short-term direction but continued to react to headlines surrounding the United States (US)-China trade dispute.

Earlier in the day, the Chinese news outlet South China Morning Post reported that the United States (US) and China have agreed to keep the yuan exchange rate stable as part of the trade deal. Additionally, Reuters reported that China was planning to ask the US to remove tariffs in exchange for additional agricultural imports to help antipodeans stay resilient against the Greenback.

Meanwhile, the only data from the US on Friday revealed that the Univesity of Michigan's Consumer Sentiment Index in its final reading improved to 95.5 in October from 93.2 in September and helped the US Dollar Index advance to a fresh weekly high of 97.81. As of writing, the index was up 0.12% on the day at 97.78.

Ahead of Wednesday's inflation report from Australia, developments surrounding the US-China trade conflict are likely to continue to drive the pair's action.

Technical levels to watch for

AUD/USD

Overview
Today last price 0.6827
Today Daily Change 0.0010
Today Daily Change % 0.15
Today daily open 0.6817
 
Trends
Daily SMA20 0.6777
Daily SMA50 0.6786
Daily SMA100 0.6854
Daily SMA200 0.6963
 
Levels
Previous Daily High 0.6858
Previous Daily Low 0.681
Previous Weekly High 0.6858
Previous Weekly Low 0.672
Previous Monthly High 0.6895
Previous Monthly Low 0.6687
Daily Fibonacci 38.2% 0.6828
Daily Fibonacci 61.8% 0.684
Daily Pivot Point S1 0.6799
Daily Pivot Point S2 0.678
Daily Pivot Point S3 0.6751
Daily Pivot Point R1 0.6847
Daily Pivot Point R2 0.6876
Daily Pivot Point R3 0.6895

 

 

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