AUD/USD hits 4-week tops, around 0.6830 level


  • Upbeat Aussie employment details provided a goodish lift.
  • The prevalent USD selling bias provided an additional boost.

The AUD/USD pair built on its goodish intraday positive move and jumped to four-week tops, around the 0.6830 region in the last hour.
 
The pair added to the overnight late bounce from weekly lows and gained some strong follow-through traction during the Asian session on Thursday in reaction to an unexpected fall in the Australian unemployment rate.

Combination of factors remain supportive

This coupled with the prevalent US Dollar selling bias, amid expectations that the Fed will cut interest rates again in October, provided an additional boost and remained supportive of the ongoing positive momentum.
 
Moreover, the incoming positive trade-related headlines, wherein China's Commerce Ministry spokesman said that we are discussing "Phase 2" of a deal with the US further underpinned the China-proxy Aussie.
 
Meanwhile, the latest leg of a sudden upsurge over the past hour or so could further be attributed to some near-term short-covering move on a sustained strength above the 0.6800 round-figure mark.
 
It will now be interesting to see if the positive move marks a near-term bullish breakout or is solely led by stop-run, which runs the risk of fizzling out rather quickly amid absent top-tier US economic data.
 
Later during the early North-American session, the release of Philly Fed Manufacturing Index, housing market data and industrial production figures from the US might provide some short-term trading impetus.

Technical levels to watch

AUD/USD

Overview
Today last price 0.6824
Today Daily Change 0.0065
Today Daily Change % 0.96
Today daily open 0.6759
 
Trends
Daily SMA20 0.6754
Daily SMA50 0.6778
Daily SMA100 0.6861
Daily SMA200 0.6974
 
Levels
Previous Daily High 0.6766
Previous Daily Low 0.672
Previous Weekly High 0.6811
Previous Weekly Low 0.6704
Previous Monthly High 0.6895
Previous Monthly Low 0.6687
Daily Fibonacci 38.2% 0.6748
Daily Fibonacci 61.8% 0.6738
Daily Pivot Point S1 0.673
Daily Pivot Point S2 0.6702
Daily Pivot Point S3 0.6684
Daily Pivot Point R1 0.6776
Daily Pivot Point R2 0.6794
Daily Pivot Point R3 0.6822

 

 

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.

Feed news

Latest Forex News


Latest Forex News

Editors’ Picks

AUD/USD consolidates, bulls eye push towards 0.7400

AUD/USD is currently trading just below Tuesday highs at 0.7369, as bulls eye a push towards the 0.7400 level. A significant improvement in global risk appetite gave AUD a boost on Tuesday and sets the currency up well for the coming Wednesday Asia session.

AUD/USD News

Gold consolidates above $1,800, hangs near four-month lows

Gold holds just above the $1,800 threshold while taking rounds close to four-month lows. The hopes of the US stimulus and recovery from the coronavirus (COVID-19) keep the gold bears hopeful. DJI30, S&P 500 closed at the record top, DXY eased.

Gold news

NZD/USD wavers around 2.5-year high below 0.7000 even as RBNZ’s Orr backs low interest rates

NZD/USD keeps the choppy trading above 0.6965, easing five pips off-late. RBNZ Governor Adrian Orr says low interest rates ensure NZD’s competitiveness. A light calendar in Asia highlights risk news for fresh impulse.

NZD/USD News

On-chain metrics spell trouble for Bitcoin, Ethereum, and XRP despite on-going bull rally

The top three cryptocurrencies are seeing massive gains over the past few days. BTC price is close to its all-time high, currently trading at $19,300. XRP had a massive 242% colossal rally in the past week. ETH also closely following BTC's step.

Read more

Black Friday 2020 Discounts!

Learn to trade with the best! Don't miss the most experienced traders and speakers in FXStreet Premium webinars. Also if you are a Premium member you can get real-time FXS Signals and receive daily market analysis with the best forex insights!

More info

Forex MAJORS

Cryptocurrencies

Signatures