AUD/USD struggles to climb above 0.7100 ahead of US data


  • 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

AUD/USD

Overview
Today last price 0.709
Today Daily Change -0.0003
Today Daily Change % -0.04
Today daily open 0.7093
 
Trends
Daily SMA20 0.715
Daily SMA50 0.7206
Daily SMA100 0.7093
Daily SMA200 0.6789
 
Levels
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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