AUD/USD flat-lined near 0.7150 amid Good Friday light trading

Holiday-thinned markets, US dollar pullback keep the Aussie side-lined.
Technical set up remains in favor of the bears.
US housing data unlikely to offer any fresh trading impetus.

Dhwani Mehta FXStreet

The AUD/USD pair extends its consolidative phase near the midpoint of the 0.71 handle, having stalled its overnight minor bounce, in the wake of Easter holiday-thinned trades and a lack of fresh catalysts.

The spot managed to recover some ground from two-day lows of 0.7136 reached after the US dollar rallied hard across its main competitors following a big beat on the US retail sales data that eased concerns over the US economic slowdown. Bullish US data offset the strong Australian jobs report, and hence, the Aussie reversed the entire rally fuelled by the Australian data to the 0.7200 level.

Despite the recent bounce, the major remains exposed to further downside risks in the near-term, as the technical set up suggests a bearish bias, especially after “the Aussie pair confirmed the “rising wedge” bearish technical formation on Thursday when it slipped beneath the pattern support, at 0.7160 now. With this, the quote is likely to extend its south-run towards 0.7070. Though, an ascending trend-line stretched since early March might offer strong intermediate support at 0.7085,” as explained by FXStreet’s Analyst Anil Panchal.

Looking ahead, thin liquidity and minimal volatility could exaggerate the moves and the pair could test the 0.7100 support if the US dollar resumes its recent upside heading into the US housing starts and building permits data due later today. The data is likely to have limited impact on the markets.

AUD/USD Technical Levels

AUD/USD

Overview
Today last price	0.7148
Today Daily Change	-0.0001
Today Daily Change %	-0.01
Today daily open	0.7149

Trends
Daily SMA20	0.7124
Daily SMA50	0.711
Daily SMA100	0.7135
Daily SMA200	0.719

Levels
Previous Daily High	0.72
Previous Daily Low	0.7136
Previous Weekly High	0.7193
Previous Weekly Low	0.7087
Previous Monthly High	0.7168
Previous Monthly Low	0.7002
Daily Fibonacci 38.2%	0.716
Daily Fibonacci 61.8%	0.7175
Daily Pivot Point S1	0.7123
Daily Pivot Point S2	0.7097
Daily Pivot Point S3	0.7059
Daily Pivot Point R1	0.7187
Daily Pivot Point R2	0.7226
Daily Pivot Point R3	0.7252

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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