AUD/USD holds up at one-month high near 0.75 psycological mark

The AUD/USD pair held in positive territory for the fifth consecutive session despite of disappointing Chinese trade figures. 

Currently hovering around 0.7500 psychological mark, the pair remained closer to Thursday's one-month high near 100-day SMA resistance. The pair even shrugged off disappointing Chinese trade balance data that showed continuing decline in exports. However, a slight beat in the import data lend some support to the China proxy Australian Dollar. 

Meanwhile, a subdued action in the commodity space, especially weakness in Copper, was seen restricting further up-move and capped the major just below 100-day SMA resistance.

Later during NA session, US economic docket, featuring the release of monthly retail sales, PPI print and Prelim UoM Consumer Sentiment index would now be looked upon for fresh impetus.

Technical levels to watch

A follow through buying interest above 0.7500 mark, leading to a momentum above 0.7520 (yesterday's high) now seems to lift the pair towards 0.7570 resistance (Nov. 16 high) ahead of 0.7600 round figure mark. On the downside, weakness below 0.7480 level could get extended towards 0.7460-55 support below which the pair is likely to drift back towards 50-day SMA support near 0.7415 region.

1 Week
Avg Forecast 0.7363
100.0%89.0%67.0%0657075808590951000
  • 67% Bullish
  • 22% Bearish
  • 11% Sideways
Bias Bullish
1 Month
Avg Forecast 0.7310
100.0%83.0%33.0%0304050607080901000
  • 33% Bullish
  • 50% Bearish
  • 17% Sideways
Bias Bearish
1 Quarter
Avg Forecast 0.7275
100.0%94.0%47.0%045505560657075808590951001050
  • 47% Bullish
  • 47% Bearish
  • 6% Sideways
Bias Neutral

 

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 securities. 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 Forex 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.