AUD/USD extends the bounce above 0.7050 on higher commodities

Benefits from firmer commodities prices and a broadly weaker US dollar.
Fresh US-China trade concerns and global growth woes could keep a check on the higher-yielding Aussie.

Dhwani Mehta FXStreet

The AUD/USD pair regained poise and took-out the stiff resistance near the midpoint of 0.7000 area, as the bulls continue to cheer the rebound in oil and copper prices amid a broadly weaker US dollar.

The Aussie staged a solid recovery from downbeat Chinese industrial profits data-led sell-off to 0.7017 troughs, helped by a rebound in oil prices while firmer gold prices also boost the sentiment around the resource-linked AUD. Gold prices sit at over six-month tops near 1,284 levels.

The upside in the spot can be also attributed to broad-based US dollar weakness, in the wake of a sharp decline in the US consumer confidence, which stoked fears that a global economic slowdown was spilling over into the US. The sell-off in the US stock markets amid US political risks also continue to undermine the sentiment around the buck.

Looking ahead, the pair awaits the US goods trade balance and housing data for fresh trading impetus while the sentiment on the Wall Street will also play a crucial role for further dollar moves.

AUD/USD Technical Levels

AUD/USD

Overview:
    Today Last Price: 0.7054
    Today Daily change: 20 pips
    Today Daily change %: 0.284%
    Today Daily Open: 0.7034
Trends:
    Previous Daily SMA20: 0.7176
    Previous Daily SMA50: 0.7189
    Previous Daily SMA100: 0.7199
    Previous Daily SMA200: 0.7364
Levels:
    Previous Daily High: 0.7078
    Previous Daily Low: 0.7014
    Previous Weekly High: 0.7204
    Previous Weekly Low: 0.7038
    Previous Monthly High: 0.7345
    Previous Monthly Low: 0.7072
    Previous Daily Fibonacci 38.2%: 0.7038
    Previous Daily Fibonacci 61.8%: 0.7054
    Previous Daily Pivot Point S1: 0.7006
    Previous Daily Pivot Point S2: 0.6978
    Previous Daily Pivot Point S3: 0.6942
    Previous Daily Pivot Point R1: 0.707
    Previous Daily Pivot Point R2: 0.7106
    Previous Daily Pivot Point R3: 0.7134

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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