AUD/USD looks to end week above 0.69 supported by broad USD weakness


  • Greenback struggled to capitalize on upbeat NFP readings.
  • ISM's report showed manufacturing activity continued to contract in October.
  • AUD/USD remains on track to post a weekly gain of nearly 100 pips.

The AUD/USD fell to 0.6890 area during the early trading hours of the American session after the Greenback gathered strength on the back of the upbeat labour market data but reversed its direction in the last hour. As of writing, the pair was up 0.35% on a daily basis at 0.6920.

US data drive USD valuation on Friday

Earlier in the day, the US Bureau of Labor Statistics reported that Nonfarm Payrolls (NFP) in the United States increased by 128,000 to beat the market expectation of 89,000. Additionally, the annual wage inflation remained steady at 3% and September NFP reading received an upward revision to 180,000 from 136,000.

Although the initial market reaction lifted the US Dollar Index to a daily high near 97.50, the fact that the Institue for Supply Management's (ISM) Manufacturing Purchasing Managers' Index (PMI) came in at 48.3 in October to show ongoing contraction in the sector's economic activity and fell short of the market expectation of 48.9 forced the index to retrace its rally. As of writing, the index was down 0.15% on a daily basis at 97.20.

With today's upsurge, the AUD/USD pair remains on track to post a weekly gain of nearly 100 pips.

Technical levels to watch for

AUD/USD

Overview
Today last price 0.6918
Today Daily Change 0.0024
Today Daily Change % 0.35
Today daily open 0.6894
 
Trends
Daily SMA20 0.6809
Daily SMA50 0.6796
Daily SMA100 0.685
Daily SMA200 0.6957
 
Levels
Previous Daily High 0.693
Previous Daily Low 0.6883
Previous Weekly High 0.6884
Previous Weekly Low 0.6808
Previous Monthly High 0.693
Previous Monthly Low 0.667
Daily Fibonacci 38.2% 0.6901
Daily Fibonacci 61.8% 0.6912
Daily Pivot Point S1 0.6875
Daily Pivot Point S2 0.6855
Daily Pivot Point S3 0.6828
Daily Pivot Point R1 0.6922
Daily Pivot Point R2 0.6949
Daily Pivot Point R3 0.6969

 

 

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 assets. 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 Open Markets 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. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD stabilizing as US coronavirus cases continue to climb

EUR/USD is trading around 1.1250, pressured amid concerns about the spread of coronavirus in the US. Traders are digesting the upbeat Non-Farm Payrolls figures already out ahead of the long US weekend. 

EUR/USD News

GBP/USD attempting a bounce amid thin liquidity

GBP/USD is closer to 1.25, off the lows. Top-level EU-UK Brexit talks have been postponed until next week amid disagreements. The UK is continuing to reopen while US coronavirus cases are surging. 

GBP/USD News

Bitcoin must endorse the time of Ethereum has come

The crypto market remains in a choke point, and after signs of a possible upward shift yesterday, the market was once again disappointed to see Bitcoin in the low range of the $8900 to $9000 choke point.

Read more

Gold: There is a bearish signal on the 4-hour chart

Price action has been slow on Friday due to the bank holiday in the US as the nation celebrates independence day. This week has been an interesting one as there has been some good economic data but some very bad coronavirus news in the US. 

Gold News

S&P 500: Futures struggle to refresh two-week top

S&P 500 Futures prints mild loss of 0.10% while declining to 3,126 during the initial hour of Tokyo session on Friday. In doing so, the risk barometer fails to extend the previous four-day winning streak.

Read more

Forex MAJORS

Cryptocurrencies

Signatures