• AUD/USD struggles to stay above 0.7400 on Friday.
  • US Dollar Index moves sideways below 92.00 during the European session.
  • Focus shifts to US PCE inflation data for June.

After posting modest daily gains on Thursday, the AUD/USD pair stayed relatively quiet around 0.7400 during the Asian trading hours on Friday but came under modest bearish pressure ahead of the American session. As of writing, the pair was down 0.35% on the day at 0.7370.

Market mood sours ahead of US inflation data

The negative shift witnessed in market sentiment seems to be making it difficult for the AUD to stay resilient against its rivals while helping the US Dollar Index gains traction. Reflecting the risk-averse market environment, S&P Futures and Nasdaq Futures are down 0.6% and 1%, respectively, suggesting Wall Street's main indexes could open deep in the negative territory. In the meantime, the US Dollar Index, which fell to a monthly low of 91.78 on Friday, is little changed on the day at 91.85.

Later in the session, the US Bureau of Economic Analysis will release the Personal Consumption Expenditures (PCE) Price Index, the Fed's preferred gauge of inflation, data for June. Investors expect the Core PCE Price Index to rise to 3.7% on a yearly basis from 3.4% in May.

On the other hand, the data from Australia revealed that the Private Sector Credit rose by 0.9% in June, surpassing the market expectation of 0.1%. Additionally, the annual Producer Price Index jumped to 2.2% in the second quarter from 0.2%.

Technical levels to watch for

AUD/USD

Overview
Today last price 0.7371
Today Daily Change -0.0023
Today Daily Change % -0.31
Today daily open 0.7394
 
Trends
Daily SMA20 0.7424
Daily SMA50 0.7563
Daily SMA100 0.7639
Daily SMA200 0.7598
 
Levels
Previous Daily High 0.7415
Previous Daily Low 0.7358
Previous Weekly High 0.7417
Previous Weekly Low 0.7288
Previous Monthly High 0.7794
Previous Monthly Low 0.7477
Daily Fibonacci 38.2% 0.7393
Daily Fibonacci 61.8% 0.738
Daily Pivot Point S1 0.7364
Daily Pivot Point S2 0.7333
Daily Pivot Point S3 0.7307
Daily Pivot Point R1 0.742
Daily Pivot Point R2 0.7446
Daily Pivot Point R3 0.7477

 

 

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