AUD/USD inches higher toward 0.6700 despite broad USD strength


  • Retail Sales in Australia rose more than expected in November.
  • US Dollar Index clings to gains above 97.50.
  • Coming up: December Nonfarm Payrolls data from US.

After closing the last seven trading days in the negative territory, the AUD/USD pair gained traction during the Asian trading hours on Friday and started to climb toward the 0.6700 handle. As of writing, the pair is up 0.33% on the day at 0.6880.

Upbeat data supports AUD on Friday

The data published by the Australian Bureau of Statistics on Friday showed that Retail Sales in November rose 0.9% on a monthly basis after staying unchanged in October to beat the market expectation for an increase of 0.4% and helped the AUD gather strength.

In the meantime, although some analysts think that the Australian bushfires' damage to the economy could force the Reserve Bank of Australia to consider a rate cut, “it is indeed clear that the RBA appears to be in a holding pattern as it waits to gauge the effects of the rate cuts so far this year," argued Global Economics & Markets Research at UOB Group. "We are thus maintaining our OCR call of 0.75%, for now."

 On the other hand, the US Dollar Index, which registered gains in the last three days, is stretching higher on Friday ahead of the US Bureau of Labor Statistics' closely-watched Nonfarm Payrolls (NFP) report. Markets expect the NFP to ease to 164K in December from 266K in November. Participants will also be paying attention to the Average Hourly Earnings data. 

US NFP Preview: 8 Major Banks expectations from December payrolls report

Technical levels to watch for

AUD/USD

Overview
Today last price 0.6883
Today Daily Change 0.0028
Today Daily Change % 0.41
Today daily open 0.6855
 
Trends
Daily SMA20 0.6922
Daily SMA50 0.6868
Daily SMA100 0.6832
Daily SMA200 0.6894
 
Levels
Previous Daily High 0.6881
Previous Daily Low 0.6849
Previous Weekly High 0.7043
Previous Weekly Low 0.693
Previous Monthly High 0.7033
Previous Monthly Low 0.6762
Daily Fibonacci 38.2% 0.6862
Daily Fibonacci 61.8% 0.6869
Daily Pivot Point S1 0.6843
Daily Pivot Point S2 0.683
Daily Pivot Point S3 0.6811
Daily Pivot Point R1 0.6874
Daily Pivot Point R2 0.6893
Daily Pivot Point R3 0.6906

 

 

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