AUD/USD rebounds to 0.6400 on US Dollar's NFP-fueled retreat

The AUD/USD caught a much-needed bid in Friday trading after the US NFP report clobbered forecasts.
The Aussie still remains buried deep in bear country after falling to fresh lows for 2023 in the early week.
Market focus is set to crystallize on US inflation expectations next week.

Joshua Gibson FXStreet

The AUD/USD etched in a new high for Friday at the 0.6400 level after catching a broad-market risk appetite bid that sent the US Dollar (USD) lower across the FX marketscape as market risk appetite flipped risk-on to close out the trading week.

US Nonfarm Payrolls soar by 336,000 in September vs. 170,000 forecast

Despite Friday's much-needed reprieve for the Aussie (AUD), which remains down nearly 11% against the USD for the year, market sentiment is due to turn back to US inflationary pressure next week, with US Producer Price Index (PPI) numbers and the Federal Reserve's (Fed) latest meeting minutes slated for next Wednesday, to be followed by the latest US Consumer Price Index (CPI) inflation reading later in the week.

US: All eyes will be on inflation data – RBC

AUD/USD technical outlook

The Aussie rode a wave of market risk appetite higher on Friday close the daily session in the green, but the AUD/USD is still down 0.75% on the week's opening prices near 0.6433.

Despite the late-week bullish push, the AUD/USD remains firmly entrenched in bearish territory, with current price action trading well below the 200-day Simple Moving Average (SMA) at 0.6675, with near-term moves capped by the 50-day SMA near 0.6450.

AUD/USD daily chart

AUD/USD technical levels

AUD/USD

Overview
Today last price	0.6385
Today Daily Change	0.0015
Today Daily Change %	0.24
Today daily open	0.637

Trends
Daily SMA20	0.6406
Daily SMA50	0.6453
Daily SMA100	0.6576
Daily SMA200	0.6681

Levels
Previous Daily High	0.6378
Previous Daily Low	0.632
Previous Weekly High	0.6501
Previous Weekly Low	0.6332
Previous Monthly High	0.6522
Previous Monthly Low	0.6332
Daily Fibonacci 38.2%	0.6356
Daily Fibonacci 61.8%	0.6342
Daily Pivot Point S1	0.6334
Daily Pivot Point S2	0.6298
Daily Pivot Point S3	0.6276
Daily Pivot Point R1	0.6392
Daily Pivot Point R2	0.6414
Daily Pivot Point R3	0.645

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

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