AUD/USD in weekly lows amid covid-led risk-aversion, eyes 0.7200

AUD/USD pressured with S&P 500 futures as risk-off mood dominates.
US dollar favored amid growing coronavirus fears and jittery markets.
US covid updates and consumer sentiment data closely eyed.

Dhwani Mehta FXStreet

AUD/USD remains on the defensive in weekly lows above 0.7200, extending its losing streak into a fourth straight day on Friday.

At the time of writing, the aussie trades modestly flat, close to one-week lows of 0.7222 reached in the last hour. The bears look to test the 0.7200 support area, as investors shun riskier assets such as the AUD while boosting the haven demand for the US dollar.

The continued surge in the coronavirus infections globally spooks the market, with the US and Europe experiencing an intensifying second wave.

Fresh restrictions and lockdowns are being considered in the American states while the key European economies have already announced lockdowns to contain the spread. Markets fear that the coronavirus resurgence could likely threaten the global economic recovery.

The AUD traders appear to have shrugged-off the covid vaccine optimism amid losses in the futures tied to the S&P 500 index. Attention now turns towards the US Michigan Consumer Sentiment data and virus updates for fresh impetus on the prices.

AUD/USD Price Analysis: Bears eyeing a high probability setup

AUD/USD technical levels

AUD/USD

Overview
Today last price	0.7227
Today Daily Change	0.0000
Today Daily Change %	0.00
Today daily open	0.723

Trends
Daily SMA20	0.7145
Daily SMA50	0.7174
Daily SMA100	0.7144
Daily SMA200	0.6822

Levels
Previous Daily High	0.7294
Previous Daily Low	0.7222
Previous Weekly High	0.729
Previous Weekly Low	0.699
Previous Monthly High	0.7244
Previous Monthly Low	0.7002
Daily Fibonacci 38.2%	0.725
Daily Fibonacci 61.8%	0.7267
Daily Pivot Point S1	0.7204
Daily Pivot Point S2	0.7177
Daily Pivot Point S3	0.7132
Daily Pivot Point R1	0.7275
Daily Pivot Point R2	0.732
Daily Pivot Point R3	0.7347

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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