AUD/USD posts modest losses below 0.7740, looks to snap three-day winning streak


  • AUD/USD is edging lower in the American session.
  • On a weekly basis, AUD/USD is up more than 100 pips.
  • US Dollar Index struggles to stage a meaningful rebound.

The AUD/USD pair rose to 0.7760 earlier in the day but lost its traction during the American trading hours. As of writing, the pair was down 0.2% on a daily basis at 0.7745.

In the absence of significant fundamental drivers, the pair seems to be making a technical correction as investors may be looking to book their profits following a three-day rally. 

Earlier in the day, the data published by the University of Michigan showed that the Consumer Sentiment Index improved modestly to 86.5 in April's preliminary reading from 84.9 in March. Although this print came in weaker than the market expectation of 89.6, it failed to trigger a noticeable market reaction.

Meanwhile, the US Dollar Index is staying in a relatively right range a little above 91.50, allowing AUD/USD to limit its losses ahead of the weekend. 

AUD/USD near-term outlook

UOB Group analysts think that AUD/USD could re-test 0.7785 in the next 1-3 weeks. "While conditions remain overbought and momentum is beginning to wane, there is scope for AUD to make another push higher towards 0.7785," analysts said. "Looking ahead, the next resistance is at 0.7820. A break of 0.7670 (‘strong support’ level was at 0.7645 yesterday) would indicate that the upside risk has dissipated.”

Additional levels to watch for

AUD/USD

Overview
Today last price 0.7735
Today Daily Change -0.0017
Today Daily Change % -0.22
Today daily open 0.7752
 
Trends
Daily SMA20 0.7645
Daily SMA50 0.7721
Daily SMA100 0.7668
Daily SMA200 0.7425
 
Levels
Previous Daily High 0.7762
Previous Daily Low 0.7705
Previous Weekly High 0.7678
Previous Weekly Low 0.7588
Previous Monthly High 0.785
Previous Monthly Low 0.7562
Daily Fibonacci 38.2% 0.774
Daily Fibonacci 61.8% 0.7727
Daily Pivot Point S1 0.7718
Daily Pivot Point S2 0.7683
Daily Pivot Point S3 0.7661
Daily Pivot Point R1 0.7775
Daily Pivot Point R2 0.7797
Daily Pivot Point R3 0.7832

 

 

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

Are you new to trading or have been trading for a while and you feel stuck?

Try with us!
Become Premium!
   

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD: EU vaccine deal helps extend US NFP-led run-up to fresh multi-day top towards 1.2200

EUR/USD begins the week with an uptick to refresh highest levels since February 26, wobbles around the top of late. EU battles for more vaccines as jab jitters disappoint the bloc members, Brexit, sluggish data add to the fears. DXY marked the biggest daily losses in six months after NFP debacle.

EUR/USD News

GBP/USD flirts with three-week high near 1.4000 as Scottish elections, Brexit test buyers

GBP/USD needs strong push to keep Friday’s biggest jump since April 19, trying to stay positive of late. Nicola Sturgeon wins Scottish election but SNP needs majority for second referendum. Exporters from UK freeports face tariffs to 23 countries following fresh post-Brexit trade agreements.

GBP/USD News

Dogecoin: Defending 21-DMA is critical for DOGE after Musk calls it a ‘hustle’

The selling pressure in the Dogecoin (DOGE/USD) remains unabated for the second straight day on Sunday, as the corrective mode from all-time highs of $0.7605 remains intact. DOGE bulls remain hopeful as 21-DMA support holds, with RSI still bullish.

Read more

EUR/USD: EU vaccine deal helps extend US NFP-led run-up to fresh multi-day top towards 1.2200

EUR/USD begins the week with an uptick to refresh highest levels since February 26, wobbles around the top of late. EU battles for more vaccines as jab jitters disappoint the bloc members, Brexit, sluggish data add to the fears. DXY marked the biggest daily losses in six months after NFP debacle.

EUR/USD News

S&P 500 and Nasdaq: Can the Fed pump anymore after weak jobs report

Well, that was an interesting jobs report. Not too many people were forecasting that one. Just in case you missed it NFP were forecast to come in around the 1 million jobs gained but instead the US only added 266k.

Read more

Forex MAJORS

Cryptocurrencies

Signatures