AUD/USD getting pulled back toward 0.6450 as market sours on US data miss

The AUD/USD is getting yanked back towards 0.6450 on Thursday.
Market sentiment is twisting towards the downside following US data misses.
US housing data to wrap up the trading week.

Joshua Gibson FXStreet

The AUD/USD saw some early gains on Thursday following better-than-expected data figures for Australia, but a miss in the print for US economic numbers is sending market sentiment lower across the board.

Upbeat labor & employment data sent the Aussie (AUD) up to 0.6508 against the US Dollar (USD) before a broad miss for US unemployment claims and industrial capacity shuttered risk appetite for Thursday. The AUD/USD is now testing back toward 0.6450 in the back half of Thursday's trading.

Australia added 55K jobs in October, an upside beat of the expected 20K and handily vaulting over September's print of 7.8K, which was revised upwards from 6.7K.

On the US side, Initial Jobless Claims for the week into November 10th showed 231K new claims for unemployment benefits, nearly a two-year high for the figure. Markets were forecasting 220K, a tick above the previous week's 218K (revised from 217K).

US Industrial Production declined in October by 0.6%, worse than the expected 0.1% contraction, eating away at the previous month's meager 0.1% (revised down from 0.3%).

Friday brings US Housing Starts and Building Permits for October. Median market forecasts are expecting slight declines in both figures, with Housing Starts seen dipping from 1.358M to 1.35M; US Building Permits are forecast to decline from 1.471M to 1.45M.

AUD/USD Technical Outlook

With the Aussie slipping back towards the 0.6450 level, a sustained drop in the AUD will take the pair back down towards the 0.6400 handle where the 50-day Simple Moving Average (SMA) currently awaits.

The topside ceiling currently sits just below 0.6550, with a descending 200-day SMA piling on downside pressure from 0.660.

AUD/USD Daily Chart

AUD/USD Technical Levels

AUD/USD

Overview
Today last price	0.6478
Today Daily Change	-0.0029
Today Daily Change %	-0.45
Today daily open	0.6507

Trends
Daily SMA20	0.639
Daily SMA50	0.6392
Daily SMA100	0.6491
Daily SMA200	0.6599

Levels
Previous Daily High	0.6542
Previous Daily Low	0.6483
Previous Weekly High	0.6523
Previous Weekly Low	0.6339
Previous Monthly High	0.6445
Previous Monthly Low	0.627
Daily Fibonacci 38.2%	0.6506
Daily Fibonacci 61.8%	0.652
Daily Pivot Point S1	0.6479
Daily Pivot Point S2	0.6452
Daily Pivot Point S3	0.642
Daily Pivot Point R1	0.6538
Daily Pivot Point R2	0.657
Daily Pivot Point R3	0.6598

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

EUR/USD holds steady above 1.1850 in quiet session

EUR/USD stays defensive but holds 1.1850 amid quiet markets in the European hours on Monday. The US Dollar is struggling for direction due to thin liquidity conditions as US markets are closed in observance of Presidents' Day holiday.

GBP/USD flat lines near 1.3650 ahead of UK and US data

GBP/USD kicks off a new week on a subdued note and oscillates in a narrow range near 1.3650 on Monday. The mixed fundamental backdrop warrants some caution for aggressive traders as the market focus now shifts to this week's important data releases from the UK and the US.

Gold corrects lower, tries to stabilize above $5,000

Gold started the week under bearish pressure and declined to the $4,960 area before staging a modest rebound. As trading volumes remain thin with the US financial markets remaining closed on Presidents' Day holiday, XAU/USD looks to stabilize above $5,000 ahead of this week's key data releases.

Bitcoin consolidates as on-chain data show mixed signals

Bitcoin price has consolidated between $65,700 and $72,000 over the past nine days, with no clear directional bias. US-listed spot ETFs recorded a $359.91 million weekly outflow, marking the fourth consecutive week of withdrawals.

The week ahead: Key inflation readings and why the AI trade could be overdone

It is likely to be a quiet start to the week, with US markets closed on Monday for Presidents Day. European markets are higher across the board and gold is clinging to the $5,000 level after the tamer than expected CPI report in the US reduced haven flows to precious metals.

Monero Price Forecast: XMR risks a drop below $300 under mounting bearish pressure

Monero (XMR) starts the week under pressure, recording a 4% decline at press time on Monday after a 7% drop the previous day, putting the $300 support zone in focus.