AUD/USD remains sidelined near 0.6055 despite upbeat Aussie data


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  • AUD/USD remains flat as upbeat Aussie data fails to inspire the AUD bulls.
  • Australia's retail sales rose more than expected in February. 
  • Coronavirus numbers continue to rise and keep markets risk-averse.

The AUD/USD pair is lacking a clear directional bias on Friday, as the Aussie dollar is struggling to draw bids despite the above-forecast Aussie retail sales data.

Australia's Consumer spending, as represented by retail sales, rose by 0.5% in February, data released at 00:30 GMT showed. Retail sales were forecasted to have risen by 0.4% following January's 0.3% contraction.

The upbeat has so far failed to put a bid under the Aussie dollar, which isn't surprising, given the economy is known to have slowed down sharply in March due to the coronavirus outbreak. February data, therefore, is of little relevance now.

Also, the risk tone remains soft in Asia with the futures tied to the S&P 500 futures currently reporting a more than 0.5% drop. The coronavirus outbreak is showing no signs of slowing down. There are now more than 1 million cases of the virus globally, with more than 238,000 in the United States, according to CNN.

The last three weeks have marked one of the most devastating periods in history for the global economy. Investors are now worried that the global economy is headed for a prolonged period of depression.

These fears have been bolstered by the horrible weekly US employment data released on Thursday.  A total of 6.6 million US workers filed for their first week of unemployment benefits in the week ending March 28, according to the Department of Labor. That is a new historic high.

The Aussie dollar and other risk assets are likely to remain under pressure on Friday. On the data front, the focus will be on China's Caixin PMI, virus headlines and the US economic calendar.

Technical levels

AUD/USD

Overview
Today last price 0.6056
Today Daily Change -0.0004
Today Daily Change % -0.07
Today daily open 0.606
 
Trends
Daily SMA20 0.6125
Daily SMA50 0.6454
Daily SMA100 0.6663
Daily SMA200 0.6753
 
Levels
Previous Daily High 0.6119
Previous Daily Low 0.6007
Previous Weekly High 0.62
Previous Weekly Low 0.57
Previous Monthly High 0.6686
Previous Monthly Low 0.5509
Daily Fibonacci 38.2% 0.605
Daily Fibonacci 61.8% 0.6076
Daily Pivot Point S1 0.6005
Daily Pivot Point S2 0.595
Daily Pivot Point S3 0.5893
Daily Pivot Point R1 0.6117
Daily Pivot Point R2 0.6174
Daily Pivot Point R3 0.623

 

 

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