- AUD/USD came under renewed bearish pressure ahead of American session.
- AUD/USD is already losing more than 100 pips on Friday.
- US Dollar Index continues to push higher toward 91.00 ahead of US data.
Following Thursday's sharp decline, the AUD/USD pair managed to stay above 0.7800 during the European trading hours but came under strong bearish pressure in the last hour. As of writing, the pair was losing more than 100 pips, or 1.6%, on the day at 0.7746.
USD continues to outperform its rivals
The unabated buying pressure surrounding the USD remains the primary market theme ahead of the weekend. The US Dollar Index (DXY) rose sharply in the late American session on Friday fueled by an impressive rally seen in the US Treasury bond yields.
Although the benchmark 10-year T-bond yield, which rose more than 10% on Thursday, is staging a correction and is losing nearly 3% on Friday, the DXY continues to push higher. Supported by safe-haven flows, the index is up 0.65% on the day at 90.72.
Later in the session, the Core Personal Consumption Expenditures (PCE) Price Index data from the US, the Fed's preferred gauge of inflation, will be watched closely by market participants. Additionally, the US Bureau of Economic Analysis will release the Personal Income and Personal Spending figures for January. Finally, the University of Michigan will publish the final version of its February Consumer Sentiment Index.
Meanwhile, investors will keep a close eye on US Treasury bond yields and the performance of Wall Street's main indexes. Currently, the S&P 500 Futures are down 0.35% on the day, suggesting that the market mood is likely to remain sour in the second half of the day.
Technical levels to watch for
|Today last price||0.7735|
|Today Daily Change||-0.0130|
|Today Daily Change %||-1.65|
|Today daily open||0.7865|
|Previous Daily High||0.8008|
|Previous Daily Low||0.7859|
|Previous Weekly High||0.7878|
|Previous Weekly Low||0.7724|
|Previous Monthly High||0.782|
|Previous Monthly Low||0.7592|
|Daily Fibonacci 38.2%||0.7916|
|Daily Fibonacci 61.8%||0.7951|
|Daily Pivot Point S1||0.7813|
|Daily Pivot Point S2||0.7761|
|Daily Pivot Point S3||0.7663|
|Daily Pivot Point R1||0.7962|
|Daily Pivot Point R2||0.806|
|Daily Pivot Point R3||0.8112|
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.