AUD/USD retreats below 0.7050, clings to small daily gains

AUD/USD rose to a daily high of 0.7072 on Friday.
Wall Street's main indexes trade deep in the negative territory.
US Dollar Index rebounds toward 94.00 on safe-haven flows.

Eren Sengezer FXStreet

After climbing to a fresh daily high of 0.7072, the AUD/USD pair erased the majority of its daily gains and was last seen trading at 0.7036, where it was still up 0.1% on a daily basis.

USD rebounds as US stocks turn red

The heavy bearish pressure surrounding major equity indexes in the US allowed the greenback to regain its footing as a safe-haven and forced AUD/USD to turn south. As of writing, the S&P 500 and the Dow Jones Industrial Average indexes are down 1.7% and 1.5% respectively, while the US Dollar Index is down only 0.05% on the day at 93.88.

Earlier in the day, the data published by the US Bureau of Economic Analysis revealed that Personal Spending and Personal Income increased by 1.4% and 0.9% in September, respectively. Although these figures came in better than analysts' estimates, they failed to help market sentiment improve.

There won't be any macroeconomic data releases in the remainder of the day and month-end flows could cause market volatility to increase.

Technical levels to watch for

AUD/USD

Overview
Today last price	0.7043
Today Daily Change	0.0014
Today Daily Change %	0.20
Today daily open	0.7029

Trends
Daily SMA20	0.7125
Daily SMA50	0.7189
Daily SMA100	0.7112
Daily SMA200	0.6799

Levels
Previous Daily High	0.7077
Previous Daily Low	0.7002
Previous Weekly High	0.7159
Previous Weekly Low	0.702
Previous Monthly High	0.7414
Previous Monthly Low	0.7004
Daily Fibonacci 38.2%	0.703
Daily Fibonacci 61.8%	0.7048
Daily Pivot Point S1	0.6995
Daily Pivot Point S2	0.696
Daily Pivot Point S3	0.6919
Daily Pivot Point R1	0.707
Daily Pivot Point R2	0.7111
Daily Pivot Point R3	0.7146

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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