AUD/USD rallies to fresh 1-month tops, eyeing to reclaim 0.6900 handle

  • AUD/USD adds to the overnight strong positive move of around 85 pips.
  • The momentum seemed rather unaffected by a modest USD rebound.
  • Bulls even shrugged off persistent uncertainty over US-China trade deal.

The buying interest around the Australian dollar picked up some pace in the last hour and pushed the AUD/USD pair to fresh one-month tops, closer to the 0.6900 handle.

The pair finally broke out of its late Asian/early European session consolidation phase and built on the previous session's strong upsurge of around 85 pips, which was further fueled by dovish sounding FOMC monetary policy statement.

The bid tone surrounding the China-proxy aussie seemed rather unaffected by persistent uncertainty over a phase one trade deal ahead of the December 15 deadline for the new US tariffs on around $156 billion worth of Chinese imports.

Bulls even shrugged off a modest US dollar rebound from four-month tops, rather took cues from improving global risk sentiment, which tends to drive flows towards perceived riskier currencies – including the Australian dollar.

Apart from the mentioned factors, possibilities of some follow-through technical buying, above the previous monthly swing highs resistance near the 0.6860-65 region, might have further collaborated to the pair's ongoing positive move.

A sustained move beyond the 0.6900 handle might be seen as a fresh trigger for bullish traders and set the stage for an extension of the pair's bullish trajectory further towards late October/early-November highs near the 0.6930 region.

Moving ahead, Thursday's US economic docket, featuring the release of Producer Price Index (PPI), might influence the USD price dynamics and produce some short-term trading opportunities during the early North-American session.

Technical levels to watch


Today last price 0.6892
Today Daily Change 0.0009
Today Daily Change % 0.13
Today daily open 0.6883
Daily SMA20 0.681
Daily SMA50 0.682
Daily SMA100 0.6807
Daily SMA200 0.6912
Previous Daily High 0.689
Previous Daily Low 0.6804
Previous Weekly High 0.6863
Previous Weekly Low 0.6762
Previous Monthly High 0.6929
Previous Monthly Low 0.6754
Daily Fibonacci 38.2% 0.6857
Daily Fibonacci 61.8% 0.6837
Daily Pivot Point S1 0.6828
Daily Pivot Point S2 0.6773
Daily Pivot Point S3 0.6742
Daily Pivot Point R1 0.6914
Daily Pivot Point R2 0.6945
Daily Pivot Point R3 0.7



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

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!

Latest Forex News

Latest Forex News

Editors’ Picks

EUR/USD extends losses toward 1.1250 amid coronavirus concerns

EUR/USD is trading closer to 1.1250 as concerns about US coronavirus cases are growing. Eurozone finance ministers are meeting ahead of next week's summit.  US PPI and updated COVID-19 statistics are awaited.


GBP/USD pressured under 1.26 amid risk-off mood, Brexit uncertainty

GBP/USD is trading below 1.26, off the highs. Rising US coronavirus cases are pushing markets lower and the safe-haven dollar higher. Concerns about Brexit and the UK refusal to participate in the EU coronavirus vaccine scheme are weighing on sterling. 


Gold refreshes session tops, moves back above $1800 mark

The prevalent risk-off mood assisted gold to reverse an early dip to the $1796 region. A modest pickup in the USD demand might cap any further gains for the commodity. Investors also worried about the possibility of further escalation of Sino-US tensions.

Gold News

Canada Net Change in Employment June Preview: June is looking better and better

Job gains expected to more than double in June. Unemployment rate to drop to 12% from 13.7 in May. Ivey PMI was twice its forecast in June, highest since Nov 2019. USD/CAD would benefit from better June job figures.

Read more

WTI drops to fresh weekly lows below $39 amid virus risks, IEA forecast

WTI (August futures on Nymex) extends the steep declines seen on Thursday to drops over 1.50% in the European session this Friday. The oil bears breach the 39 level to hit the lowest levels in eight days at 38.76.

Oil News