- The pair remained well bid for the second consecutive session on Friday.
- The move-up seemed rather unaffected by softer Chinese Q3 GDP print.
- Traders look forward to speeches by FOMC member for a fresh impetus.
The AUD/USD pair built on its steady intraday climb and refreshed one-month tops, around mid-0.6800s in the last hour.
The pair added to the previous session's upbeat Aussie jobs data-led strong gains and continued gaining some positive traction for the third consecutive session on Friday, with bulls shrugging off softer Chinese GDP print for the third quarter.
Persistent USD selling bias remained supportive
In fact, the Chinese economic growth marked a further loss of momentum and dropped to a near 30-year low level of 6.0%, albeit was largely offset by a larger-than-expected jump in the Chinese industrial production figures for September.
Against the backdrop of the recent optimism over a partial trade deal between the US and China, the data further underpinned the China-proxy Australian Dollar and remained supportive of some follow-through buying on the last day of the week.
Adding to this, the prevalent US Dollar selling bias, amid expectations that the Fed will cut interest rates further in October, further collaborated to the pair's ongoing positive momentum to the highest level since September 18.
With Friday's positive move, the pair has rallied around 125 pips from weekly lows and remains on track to end on a positive note for the third consecutive week and post its highest weekly close since mid-September.
In absence of any major market-moving economic releases from the US, scheduled speeches by influential FOMC members will be looked upon to grab some short-term trading opportunities later during the US session.
Technical levels to watch
|Today last price||0.6846|
|Today Daily Change||0.0022|
|Today Daily Change %||0.32|
|Today daily open||0.6824|
|Previous Daily High||0.6834|
|Previous Daily Low||0.675|
|Previous Weekly High||0.6811|
|Previous Weekly Low||0.6704|
|Previous Monthly High||0.6895|
|Previous Monthly Low||0.6687|
|Daily Fibonacci 38.2%||0.6802|
|Daily Fibonacci 61.8%||0.6782|
|Daily Pivot Point S1||0.6771|
|Daily Pivot Point S2||0.6718|
|Daily Pivot Point S3||0.6687|
|Daily Pivot Point R1||0.6856|
|Daily Pivot Point R2||0.6887|
|Daily Pivot Point R3||0.694|
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