AUD/USD rises to fresh weekly highs above 0.6400

Upbeat market mood helps weighs on USD in American session.
US Dollar Index reverses course, drops toward 100.
Market participants ignore disappointing PMI data from US.

Eren Sengezer FXStreet

Despite the disappointing macroeconomic data releases from the US on Thursday, the market sentiment turned positive and caused the greenback to come under renewed selling pressure. Boosted by the USD weakness, the AUD/USD pair extended its daily upside and touched a weekly high of 0.6405. As of writing, the pair was up 1.12% on the day at 0.6395.

USD weakens in American session

Heightened hopes of the EU leaders coming up with an economic recovery, surging crude oil prices and a Nikkei report suggesting that the Bank of Japan was looking to remove the bond-buying limit boosted risk-on flows. Reflecting the positive sentiment, Wall Street's main indexes are up between 1.35% and 1.7% on Thursday. On the other hand, the US Dollar Index is down 0.26% on the day at 100.08.

Earlier in the day, the weekly data published by the US Department of Labor showed that weekly Initial Jobless Claims were at 4.4 million in the week ending April 18th. Moreover, the IHS Markit's Manufacturing PMI slumped to 36.9 from 48.5 and the Services PMI dropped to 27 from 39.8.

There won't be any significant macroeconomic data releases in the remainder of the day and the risk perception is likely to continue to impact the pair's movements.

Technical levels to watch for

AUD/USD

Overview
Today last price	0.6398
Today Daily Change	0.0076
Today Daily Change %	1.20
Today daily open	0.6322

Trends
Daily SMA20	0.623
Daily SMA50	0.6328
Daily SMA100	0.659
Daily SMA200	0.6703

Levels
Previous Daily High	0.6353
Previous Daily Low	0.6275
Previous Weekly High	0.6445
Previous Weekly Low	0.6264
Previous Monthly High	0.6686
Previous Monthly Low	0.5509
Daily Fibonacci 38.2%	0.6323
Daily Fibonacci 61.8%	0.6305
Daily Pivot Point S1	0.6281
Daily Pivot Point S2	0.6239
Daily Pivot Point S3	0.6202
Daily Pivot Point R1	0.6359
Daily Pivot Point R2	0.6395
Daily Pivot Point R3	0.6437

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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