- AUD/USD has failed to pierce key Fib resistance at 0.6880 despite the US-China trade optimism.
- Australian inflation expectations cooled in September. That data may be capping gains in the AUD.
The pair has faced rejection at the key Fibonacci level for the second straight day, despite optimism on the US-China trade front.
The US President Trump Thursday delayed the decision to impose extra 5% tariffs on $250 billion worth of Chinese goods by two weeks to Oct. 15, sending the risk assets higher. Notably, China's offshore Yuan clocked three-week highs against the US Dollar and the reduced haven demand for bonds pushed the US 10-year treasury yield to a one-month high of 1.76%.
Even so, the AUD is reversing lower from key Fib hurdle, possibly due to the weak domestic data - Australia's consumer inflation expectations for September came in at 3.1% vs 3.5% in August.
Looking forward, the bulls need to defend the session low of 0.6859, else the rejection at the key Fib hurdle would gain credence, possibly leading to a deeper drop to 0.6830. As of writing, the futures on the S&P 500 are reporting a 0.30% gain, so, the AUD may be able to defend 0.6859.
|Today last price||0.687|
|Today Daily Change||0.0007|
|Today Daily Change %||0.10|
|Today daily open||0.6863|
|Previous Daily High||0.6885|
|Previous Daily Low||0.6848|
|Previous Weekly High||0.6862|
|Previous Weekly Low||0.6687|
|Previous Monthly High||0.6869|
|Previous Monthly Low||0.6676|
|Daily Fibonacci 38.2%||0.6871|
|Daily Fibonacci 61.8%||0.6862|
|Daily Pivot Point S1||0.6846|
|Daily Pivot Point S2||0.6828|
|Daily Pivot Point S3||0.6809|
|Daily Pivot Point R1||0.6883|
|Daily Pivot Point R2||0.6902|
|Daily Pivot Point R3||0.692|
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.