AUD/USD holds above the mid-0.6400s, eyes on US housing data

AUD/USD struggles to gain ground above 0.6500 and trades near 0.6468, adding 0.07% on the day.
The US weekly Initial Claims climbed to the highest level in nearly three months.
Employment growth in Australia came in better than the estimation.
Traders will focus on the US housing data on Friday.

Lallalit Srijandorn FXStreet

The AUD/USD pair failed to reclaim the 0.6500 mark and hovers around 0.6468 during the early Asian session on Friday. The US Dollar (USD) gains ground despite softer US economic data and the fall in US yields.

On Thursday, the US Initial Claims for the week ending November 11 climbed to 231K, the highest level in nearly three months. While Continuing Jobless Claims reached the highest level since 2022. US Industrial Production dropped 0.6% m/m in October. Finally, the Kansas City Fed Manufacturing Index rose to -3.0 in November vs -8.0 prior. The softer US job supports the speculation that the Federal Reserve (Fed) is done with the tightening cycle.

Employment growth in Australia came in better than expected, climbing by 55k in October. The Unemployment Rate increased from 3.6% to 3.7%. The markets expect another 25 basis points (bps) hike from the Reserve Bank of Australia (RBA) in February. However, the rate cut is unlikely to begin until November 2024.

Looking ahead, the US housing data, including Building Permit and Housing Start will be released. The Housing Starts is expected to decline from 1.358M to 1.35M and the Building Permits are forecast to drop from 1.471M to 1.45M.

(This story was corrected on November 17 at 08:14 GMT to say that the Kansas City Fed Manufacturing Index for November came in at -3.0, not -2.0.)

AUD/USD

Overview
Today last price	0.6472
Today Daily Change	-0.0035
Today Daily Change %	-0.54
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

Lallalit Srijandorn

FXStreet

Lallalit Srijandorn is a Parisian at heart. She has lived in France since 2019 and now becomes a digital entrepreneur based in Paris and Bangkok.

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