AUD/USD steadies above 0.6700, looks to snap six-week losing streak


  • 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

AUD/USD

Overview
Today last price 0.6718
Today Daily Change -0.0001
Today Daily Change % -0.01
Today daily open 0.6719
 
Trends
Daily SMA20 0.6761
Daily SMA50 0.6849
Daily SMA100 0.683
Daily SMA200 0.6857
 
Levels
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.

Feed news

Latest Forex News

Editors’ Picks

EUR/USD looks to test 1.0800 ahead of German ZEW

Despite the latest recovery attempt from a new 34-month of 1.0823 reached in early Asia, the sentiment around the EUR/USD pair remains undermined by the German economic growth concerns and broad US dollar strength. Focus on German ZEW, coronavirus updates.

EUR/USD News

GBP/USD extends losses to sub-1.3000 area, UK unemployment rate in focus

GBP/USD stays mildly negative around 1.30 while heading into the London open on Tuesday. UK’s Brexit negotiator shares the same view as PM Boris Johnson, increases the risks of hard departure. UK employment statistics will be the key to clarify on the BOE’s bearish bias.

GBP/USD News

UK jobs preview: 3 reasons why Cable could bounce even if wage growth slows

Lower wages are bad news for workers and usually also for the pound – but these are abnormal times, and sterling may shine in response to the UK's December jobs report. The focus is on wage growth 

Read more

Gold: Positive beyond six-week-old falling trendline

Gold prices take the bids to $1,586.50, +0.35%, during the pre-European session on Tuesday. The yellow metal recently broke a downward sloping trend line stretched from January 08. Early-month top on the buyer’s radar.

Gold News

FXStreet launches Real-Time Trading Signals

FXStreet Signals offers access to explanatory live webinars, real-time notifications when signals are triggered and exclusive membership to the company’s Telegram group, where users get direct guidance by our analysts and get room to discuss and interact.

More info

Forex MAJORS

Cryptocurrencies

Signatures