AUD/USD seen recovering, but can't manage to retake the 0.74 level

The Aussie is seeing a limited bounce fueled by Dollar weakness.
Friday brings little data to the table, market direction in the hands of risk appetite to end the week.

Joshua Gibson FXStreet

The AUD/USD is still trading near 0.7370 after double-bottoming from the 0.7350 region on Thursday.

The US Dollar was forced down alongside Treasury yields in the US session for Thursday, helping to prop up the Aussie as the Greenback slumped across the board.

Friday brings little of note for either currency, though the US will be seeing Markit PMI figures at 13:45 GMT, where the headline Markit PMI Composite is expected to tick down to 55.1 from the previous reading of 56.6.

AUD/USD levels to watch

As noted by FXStreet's Eren Sengezer, the AUD/USD sees support and resistance barriers close by on both sides of current prices: "the initial support for the pair could be seen at 0.7345 (daily low) ahead of 0.7285 (Jan. 6, 2017, low) and 0.7200 (psychological level). On the upside, resistances are located at 0.7425 (Jun. 19 high), 0.7500 (psychological level) and 0.7540 (50-DMA)."

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

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