AUD/USD: Off 3.5-week lows, but remains below 100-day MA

  • AUD/USD holds below the 100-day moving average (MA) in Asia, having hit a 3.5-week low of 0.7191 in the overnight trade.
  • The late recovery in the US stocks likely helped the Aussie trim losses.

The AUD/USD's recovery rally from 3.5-week lows seems to have run out of steam at the 100-day moving average (MA) hurdle.

The Australian dollar was dumped on Thursday as Senior Huawei executive's arrest stepped up US-China confrontation, sending global equities lower. Notably, the Dow Jones Industrial Average (DJIA) was down more than 700 points at one point.

As a result, haven demand for the US Treasuries rose, leading to USD rally, especially against the AUD and other risk currencies. The AUD/USD dropped to 0.7191 - the lowest level since Nov. 14, before regaining some poise, possibly tracking the late recovery in the US stocks. The DJIA recovered a major portion of the lost ground to end the day with a 0.3 percent loss. Meanwhile, the Nasdaq closed with a 0.42 percent gain.

The AUD's recovery rally, however, faced rejection at the 100-day MA hurdle of 0.7236 earlier today. As of writing, it is trading at 0.7230. Asian equities are showing signs of life at press time. So, a move above the 100-day MA cannot be ruled out, but will likely be short-lived, if OPEC and non-OPEC producers fail to reach an output cut accord for the second day. Also, US-China trade tensions could cap the upside in the pair.

AUD/USD Technical Levels      

AUD/USD

Overview:
    Today Last Price: 0.7232
    Today Daily change: -5.0 pips
    Today Daily change %: -0.0691%
    Today Daily Open: 0.7237
Trends:
    Previous Daily SMA20: 0.7266
    Previous Daily SMA50: 0.7185
    Previous Daily SMA100: 0.7239
    Previous Daily SMA200: 0.7413
Levels:
    Previous Daily High: 0.7275
    Previous Daily Low: 0.7192
    Previous Weekly High: 0.7345
    Previous Weekly Low: 0.7199
    Previous Monthly High: 0.7345
    Previous Monthly Low: 0.7072
    Previous Daily Fibonacci 38.2%: 0.7224
    Previous Daily Fibonacci 61.8%: 0.7243
    Previous Daily Pivot Point S1: 0.7194
    Previous Daily Pivot Point S2: 0.7151
    Previous Daily Pivot Point S3: 0.7111
    Previous Daily Pivot Point R1: 0.7277
    Previous Daily Pivot Point R2: 0.7318
    Previous Daily Pivot Point R3: 0.736

 

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