AUD/USD retreats to 0.6000 area as market sentiment sours


  • US Dollar Index rebounds to 101.50 area ahead of US session.
  • US stock index futures fall into the negative territory.
  • US Durable Goods Orders in February is expected to decline by 0.8%.

The AUD/USD pair extended its recovery into the fourth straight day on Wednesday and touched a fresh weekly high of 0.6073 before erasing a large portion of its gains ahead of the American session. As of writing, the pair was trading at 0.6002, still adding 0.8% on a daily basis.

The souring market sentiment seems to be making it difficult for the risk-sensitive AUD to find demand in the last hour. Major European equity indexes slumped into the negative territory as the positive impact of the US announcement of a $2 trillion stimulus package started to fade away on Wednesday. Furthermore, US stock index futures made a sharp U-turn with the S&P 500 futures erasing 1% on the day.

DXY rebounds to 101.50

On the other hand, the US Dollar Index (DXY), which dropped to a session low of 101.05, is now trading near the 101.50 mark with small daily losses as the greenback is finding demand as a relatively safer alternative.

In the second half of the day, February Durable Good Orders data from the US will be looked upon for fresh impetus. Markets expect the data to come in at -0.8% following January's reading of -0.2%.

There won't be any significant macroeconomic data releases featured in the Australian economic docket on Thursday and the USD's market valuation is likely to continue to drive the pair's action.

Technical levels to watch for

AUD/USD

Overview
Today last price 0.6013
Today Daily Change 0.0055
Today Daily Change % 0.92
Today daily open 0.5958
 
Trends
Daily SMA20 0.6294
Daily SMA50 0.6563
Daily SMA100 0.6716
Daily SMA200 0.6783
 
Levels
Previous Daily High 0.5976
Previous Daily Low 0.5806
Previous Weekly High 0.6307
Previous Weekly Low 0.5509
Previous Monthly High 0.6775
Previous Monthly Low 0.6434
Daily Fibonacci 38.2% 0.5911
Daily Fibonacci 61.8% 0.5871
Daily Pivot Point S1 0.585
Daily Pivot Point S2 0.5743
Daily Pivot Point S3 0.568
Daily Pivot Point R1 0.602
Daily Pivot Point R2 0.6083
Daily Pivot Point R3 0.619

 

 

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 bounces after upbeat COVID-19 cure news

EUR/USD is trading above 1.13, rebounding from the lows. Gilead reported that its drug Remdesevir substantially reduces mortality among COVID-19 patients. The news boosted stocks and weighed on the dollar. US coronavirus statistics are due out.

EUR/USD News

GBP/USD recaptures 1.26 as the market mood improves

GBP/USD is trading above 1.26 as the market mood improves and the safe-haven dollar retreats. Investors are shrugging off Brexit concerns and focusing on hopes to cure coronavirus. US COVID-19 statistics are due out.

GBP/USD News

XAU/USD consolidates daily gains above $1,800

After advancing to its highest level since September of 2011 at $1,818 on Wednesday, the XAU/USD pair staged a correction and briefly dropped below $1,800 on Thursday.

Gold News

Cryptocurrencies: War for dominance hit the bedrock of the market

Bitcoin tried to regain market share and activated sales in the Altcoin segment. BTC/USD, ETH/USD and XRP/USD are looking for supports and a rebound to push them to new elative highs. The current compression on the XRP/USD chart could trigger an exploding movement.

Read more

WTI once again breaks $40 per barrel after trading lower in early EU trade

There has been quite the bounce in WTI since the EU session after some strong selling pressure during Thursday and overnight. Once again on Friday's session, the price has taken the USD 40 per barrel handle. 

Oil News

Forex MAJORS

Cryptocurrencies

Signatures