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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 price0.6918
Today Daily Change0.0024
Today Daily Change %0.35
Today daily open0.6894
 
Trends
Daily SMA200.6809
Daily SMA500.6796
Daily SMA1000.685
Daily SMA2000.6957
 
Levels
Previous Daily High0.693
Previous Daily Low0.6883
Previous Weekly High0.6884
Previous Weekly Low0.6808
Previous Monthly High0.693
Previous Monthly Low0.667
Daily Fibonacci 38.2%0.6901
Daily Fibonacci 61.8%0.6912
Daily Pivot Point S10.6875
Daily Pivot Point S20.6855
Daily Pivot Point S30.6828
Daily Pivot Point R10.6922
Daily Pivot Point R20.6949
Daily Pivot Point R30.6969

Author

Eren Sengezer

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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