- AUD/USD ends week down 0.33%, unable to hold above 0.6600, range-bound.
- Struggle to sustain gains above 200-DMA (0.6576); potential for upward trend watched closely.
- Key supports at 0.6551, 0.6524; rebound above 200-DMA may aim for resistances at 0.6620, 0.6652.
The AUD/USD finished Friday’s session on the back foot, down more than 0.15%, for a total of 0.33% losses in the week. At the time of writing, the pair ended at 0.6573, failing to stay above the 0.6600 figure, which exacerbated the Aussie’s drop below the key 200-day moving average (DMA).
The pair extended its sideways trading, with buyers failing to cling to the 200-DMA at 0.6576, though it seems they remain in charge. This following January’s 17 dip toward 0.6524, with the par extending its gains toward the 0.6550/0.6600 range, still unable to decisively crack the 0.6600 mark and opening the door for a pull back.
With that said, key support levels lie below the exchange rate, with the January 23 daily low of 0.6551, ahead of the January 17 swing low of 0.6524. if the pair slides below this key support level, the buyers' last line of defense would be the 0.6500 figure before diving to the November 17, 2023, low of 0.6452.
On the positive side, if buyers reclaim the 200-DMA, they could extend its rally past the 0.6600 figure toward January’s 24 high at 0.6620. The next supply zone emerges at the 50-DMA at 0.6652.
AUD/USD Price Action – Daily Chart
AUD/USD Key Levels
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD nears 1.0800 on broad US Dollar weakness
Optimism continues to undermine demand for the American currency ahead of the weekly close. EUR/USD hovers around weekly highs just ahead of the 1.0900 figure.
GBP/USD reconquers 1.2500 with upbeat UK GDP
Following BOE-inspired slump on Thursday, the British Pound changed course and trades around 1.2530. Better-than-anticipated UK GDP and a weaker USD behind the advance.
Gold resumes advance and trades above $2,370
XAU/USD accelerated its recovery on Friday, as investors drop the USD. Dismal US employment-related figures revived hopes for a soon-to-come rate cut from the Fed.
XRP tests support at $0.50 as Ripple joins alliance to work on blockchain recovery
XRP trades around $0.5174 early on Friday, wiping out gains from earlier in the week, as Ripple announced it has joined an alliance to support digital asset recovery alongside Hedera and the Algorand Foundation.
Euro area annual inflation is expected to be 2.4% in April 2024
Euro area annual inflation is expected to be 2.4% in April 2024, stable compared to March. Looking at the main components of euro area inflation, services is expected to have the highest annual rate in April.