AUD/USD hits one-week low as S&P 500 futures drop

  • AUD/USD hit a one-week low of 0.7158 a few minutes before press time.
  • The losses in the S&P 500 futures are likely overshadowing the overnight gains in the US equities and copper.

The AUD/USD pair is currently trading at 0.7169, having clocked a low of 0.7158 soon before press time; a level last seen on Jan. 10.

The Australian currency is feeling the pull of gravity, possibly due to the risk-off tone in the S&P 500 futures. As of writing, the S&P 500 futures are down 0.24 percent on the day. Further, Japan's Nikkei is reporting a 0.12 percent drop. Meanwhile, Chinese stocks are trading flat-to-negative.

More importantly, the slight risk aversion in Asian stocks is overshadowing the positive overnight leads - Dow rallied 0.59 percent yesterday, as banking stocks cheered upbeat quarterly results. Further, copper, one of Australia's top exports, gained more than 1 percent.

Looking ahead, the pair could slide toward 0.71 if the risk aversion worsens. Technically speaking, a daily close above the stiff resistance of the 100-day exponential moving average (EMA) would signal a continuation of the rally from recent lows below 0.70

AUD/USD Technical Levels

AUD/USD

Overview:
    Today Last Price: 0.7168
    Today Daily change: -5.0 pips
    Today Daily change %: -0.0697%
    Today Daily Open: 0.7173
Trends:
    Previous Daily SMA20: 0.7101
    Previous Daily SMA50: 0.7186
    Previous Daily SMA100: 0.7173
    Previous Daily SMA200: 0.7323
Levels:
    Previous Daily High: 0.7212
    Previous Daily Low: 0.7161
    Previous Weekly High: 0.7236
    Previous Weekly Low: 0.7089
    Previous Monthly High: 0.7394
    Previous Monthly Low: 0.7014
    Previous Daily Fibonacci 38.2%: 0.7181
    Previous Daily Fibonacci 61.8%: 0.7193
    Previous Daily Pivot Point S1: 0.7152
    Previous Daily Pivot Point S2: 0.7131
    Previous Daily Pivot Point S3: 0.7101
    Previous Daily Pivot Point R1: 0.7203
    Previous Daily Pivot Point R2: 0.7234
    Previous Daily Pivot Point R3: 0.7255

 

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