- AUD/USD looks to post weekly gains for first time in 2020.
- US Dollar Index clings to small gains above 99.
- Consumer Confidence improves in US, Industrial Production continues to contract.
The AUD/USD pair is struggling to make a decisive move in either direction on Friday and continues to fluctuate in a relatively tight range above the 0.6700 handle. As of writing, the pair was virtually unchanged on a daily basis at 0.6718 and was looking to post weekly gains for the first time in 2020.
Copper's upbeat performance this week helped the commodity-sensitive AUD outperform the greenback. "Copper edged lower on Friday but remained on track for a second week of gains as investors decided a plunge in prices triggered by the coronavirus outbreak in China may have been overdone," Reuters reported.
DXY stretches higher despite mixed data
Although the US Dollar Index edged lower toward the 99 handle in the early trading hours following the first batch of US data, it was able to retrace its fall and now remains on track to post its highest weekly close since early October.
Retail Sales in January increased by 0.3% on a monthly basis in January to match the market expectation, the data published by the US Census Bureau showed on Friday. On a negative note, Industrial Production contracted by 0.3% in January following December's 0.4% decline to weigh on the greenback.
Nevertheless, the University of Michigan's Consumer Confidence Index improved to 100.9 in February's advanced reading from 99.8 in January and helped the USD gain traction. As of writing, the US Dollar Index was up 0.04% on the day at 99.14, not allowing the pair to break out of its daily range.
Technical levels to consider
|Today last price||0.6718|
|Today Daily Change||-0.0001|
|Today Daily Change %||-0.01|
|Today daily open||0.6719|
|Previous Daily High||0.6746|
|Previous Daily Low||0.6706|
|Previous Weekly High||0.6775|
|Previous Weekly Low||0.6662|
|Previous Monthly High||0.704|
|Previous Monthly Low||0.6682|
|Daily Fibonacci 38.2%||0.6721|
|Daily Fibonacci 61.8%||0.6731|
|Daily Pivot Point S1||0.6702|
|Daily Pivot Point S2||0.6684|
|Daily Pivot Point S3||0.6662|
|Daily Pivot Point R1||0.6742|
|Daily Pivot Point R2||0.6764|
|Daily Pivot Point R3||0.6782|
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.