AUD/USD struggles near weekly lows, just above mid-0.6800s


  • Dovish sounding RBA monetary policy statement exerted some fresh pressure on Friday.
  • The USD stood tall near multi-week tops amid the ongoing upsurge in the US bond yields.
  • Softer risk tone further collaborated towards driving flows away from riskier currencies.

The AUD/USD pair maintained it’s heavily offered tone through the early North-American session and is currently placed near the lower end of its weekly trading range, around the 0.6860 region.
 
The pair failed to capitalize on the previous session's intraday positive move and met with some fresh supply on the last day of the new trading week in reaction to the RBA's dovish sounding Statement of Monetary Policy (SoMP).

Weighed down by a combination of negative forces

The pair was further pressurized by some renewed US Dollar buying interest. As investors digested Thursday's mixed trade-related headlines, a fresh leg of an upsurge in the US Treasury bond yields underpinned the USD demand.
 
It is worth recalling that officials on Thursday said that China and US have agreed to roll back tariffs in a "phase one" trade deal, while other reports suggested that the matter faced fierce internal opposition in the White House.
 
Meanwhile, a slightly softer risk tone, as depicted by a cautious mood around equity markets, further collaborated towards driving flows away from perceived riskier currencies – including the Australian Dollar.
 
Moving ahead, Friday's US economic docket – highlighting the release of Prelim UoM Consumer Sentiment Index – might influence the price action and help traders grab some short-term opportunities.

Technical levels to watch

AUD/USD

Overview
Today last price 0.6866
Today Daily Change -0.0034
Today Daily Change % -0.49
Today daily open 0.69
 
Trends
Daily SMA20 0.6847
Daily SMA50 0.681
Daily SMA100 0.685
Daily SMA200 0.6949
 
Levels
Previous Daily High 0.6914
Previous Daily Low 0.6861
Previous Weekly High 0.693
Previous Weekly Low 0.681
Previous Monthly High 0.693
Previous Monthly Low 0.667
Daily Fibonacci 38.2% 0.6894
Daily Fibonacci 61.8% 0.6881
Daily Pivot Point S1 0.6869
Daily Pivot Point S2 0.6839
Daily Pivot Point S3 0.6816
Daily Pivot Point R1 0.6922
Daily Pivot Point R2 0.6945
Daily Pivot Point R3 0.6975

 

 

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