- AUD/USD is trading in a tight range below 0.7100 on Friday.
- US Dollar Index consolidates Thursday's gains near 93.70.
- Retail Sales and Industrial Production data will be featured in US economic docket.
The AUD/USD pair posted its lowest daily close of October at 0.7092 on Thursday and seems to be having a hard time staging a convincing rebound on Friday. As of writing, the pair was down 0.05% on a daily basis at 0.7088.
Focus shifts to US data
The risk-averse market environment on Thursday, as reflected by sharp declines witnessed in global equity indexes, allowed the greenback to gather strength against its rivals. The US Dollar Index (DXY) rose to 93.90 and forced AUD/USD to extend its slide.
Ahead of the key macroeconomic data releases from the US, however, the improving sentiment is keeping the DXY's gains capped. At the moment, the index is down 0.12% on the day at 93.67.
Later in the day, the US Census Bureau will publish the September Retail Sales data and the Federal Reserve will release the Industrial Production report. Additionally, the University of Michigan's Consumer Sentiment Index for October will be featured in the US economic docket as well.
The impact of these data on market sentiment could drive AUD/USD's movements in the second half of the day. At the moment, the S&P 500 futures are up 0.23% on the day and a strong recovery in Wall Street's main indexes could weigh on the USD and allow the pair to target above 0.7100.
Technical levels to watch for
|Today last price||0.709|
|Today Daily Change||-0.0003|
|Today Daily Change %||-0.04|
|Today daily open||0.7093|
|Previous Daily High||0.7172|
|Previous Daily Low||0.7055|
|Previous Weekly High||0.7244|
|Previous Weekly Low||0.7096|
|Previous Monthly High||0.7414|
|Previous Monthly Low||0.7004|
|Daily Fibonacci 38.2%||0.71|
|Daily Fibonacci 61.8%||0.7127|
|Daily Pivot Point S1||0.7041|
|Daily Pivot Point S2||0.699|
|Daily Pivot Point S3||0.6924|
|Daily Pivot Point R1||0.7158|
|Daily Pivot Point R2||0.7224|
|Daily Pivot Point R3||0.7275|
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