• The greenback gains some ground against the aussie, amid closed US equity and money markets.
  • Covid-19 positive news improved investors' mood as the year-end looms.
  • AUD/USD Price Forecast: Bulls prepare for a challenge of crucial resistance around 0.7280-0.7300.

The AUD/USD slides during the late European trading session, down some 0.33% trading at 0.7224 at the time of writing. The market sentiment is upbeat, as shown by some European bourses that opened on Friday. However, thin liquidity conditions spurred by some financial centers closed on Christmas eve, keeping the greenback on the bid against most G8 currencies.

The week witnessed a late Santa rally spurred by positive news on the Covid-19 front. On Tuesday, a study in South Africa reported that people infected with the Omicron variant were 80% less susceptible to needing hospitalization. That, alongside the US Food and Drug Administration (FDA) approving Covid-19 treatments by Pfizer and Merck, was the last piece of the puzzle that prompted the US S&P 500 towards a new all-time high around 4700.

Those events ultimately benefitted risk-sensitive currencies in the FX market, like the AUD.  The Australian dollar rallied some 150-pips since Tuesday, but as of today, a pullback towards 0.7220s appears to be a pause necessary before challenging of breaking essential resistance levels.

AUD/USD Price Forecast: Technical outlook

The AUD/USD daily chart depicts the pair has a downward bias, as the daily moving averages (DMAs) reside above the spot price. Nevertheless, the recent upside move stalled some 40-pips short of the confluence of the 50 and the 100-day moving averages (DMAs), which lie at 0.7280 and 0.7294, respectively.

In the event of breaking above the aforementioned levels, that would pave the way for further gains, exposing crucial resistance levels. The first one would be November’s 15 swing high at 0.7371, followed by 0.7400.

AUD/USD

Overview
Today last price 0.7224
Today Daily Change -0.0024
Today Daily Change % -0.33
Today daily open 0.7248
 
Trends
Daily SMA20 0.7134
Daily SMA50 0.7284
Daily SMA100 0.7295
Daily SMA200 0.7458
 
Levels
Previous Daily High 0.7253
Previous Daily Low 0.7196
Previous Weekly High 0.7225
Previous Weekly Low 0.709
Previous Monthly High 0.7537
Previous Monthly Low 0.7063
Daily Fibonacci 38.2% 0.7231
Daily Fibonacci 61.8% 0.7217
Daily Pivot Point S1 0.7211
Daily Pivot Point S2 0.7175
Daily Pivot Point S3 0.7154
Daily Pivot Point R1 0.7269
Daily Pivot Point R2 0.729
Daily Pivot Point R3 0.7326

 

 

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.

Feed news Join Telegram

Recommended content


Recommended content

Editors’ Picks

AUD/USD gathers momentum for a breakdown below 0.6400

AUD/USD gathers momentum for a breakdown below 0.6400

The AUD/USD pair is displaying back-and-forth moves in a narrow range of 0.6400-0.6422 in the Tokyo session. The asset has turned sideways after a perpendicular fall from 0.6540 as the market sentiment turned extremely sour on geopolitical tensions.

AUD/USD News

EUR/USD: Price balancing on a tightrope over the abyss ahead of NFP

EUR/USD: Price balancing on a tightrope over the abyss ahead of NFP

EUR/USD was sold off on Thursday as investors get set for the outcome of Friday's key US event in Nonfarm Payrolls. US yields and the US dollar both rallied as investors dial back the sentiment surrounding a picot from the Federal Reserve.

EUR/USD News

Gold oscillates at a make or break around $1,710.00, US NFP eyed

Gold oscillates at a make or break around $1,710.00, US NFP eyed

Gold price has slipped modestly after facing barricades of around $1,715.00 in the Tokyo session. The precious metal is expected to slip further to near $1,700.00 as yields are hovering at elevated levels amid hawkish commentaries from Fed.

Gold News

BNB drops by 4% as Binance confirms potential $586 million exploit on BNB Chain

BNB drops by 4% as Binance confirms potential $586 million exploit on BNB Chain

The world’s largest cryptocurrency exchange is observing an attack on its token chain and cryptocurrency. In response, Binance Coin’s price began falling on the charts making the investors highly concerned. Binance Coin has dropped by almost 4% since the opening hours.

Read more

Nonfarm Payrolls Preview: Five scenarios for trading King Dollar as markets plead for pain Premium

Nonfarm Payrolls Preview: Five scenarios for trading King Dollar as markets plead for pain

No pain, no gain – this gym idiom resonates with stock bulls. The Federal Reserve has said it is willing to accept – and even wants to see – economic pain to see inflation falling. Last month was painful in financial markets, but did American employment also feel the pinch?

Read more

Forex MAJORS

Cryptocurrencies

Signatures