AUD/USD struggles to extend the bounce above 0.6900


  • The Aussie recovers amid trade optimism, solid Chinese Trade data.
  • Australian bushfire crisis impact continues to weigh on the AUD.
  • The US dollar trades listless ahead of the US inflation data.

AUD/USD is trying hard to extend the recovery above the 0.69 handle following a brief consolidative stint over the last hours.

The pair hit fresh two-day lows at 0.6885 in early Asia after concerns over the negative impact of the Australian bushfire crisis on the country’s consumer spending gripped the Aussie traders.

The expectations of a weaker Australian Retail Sales report increased following the warnings issued from retailers listed on the ASX, including Mosaic, that sales had seen a "significant" impact from the bushfire crisis.

However, the imminent US-China phase one trade deal signing induced optimism alongside the goodwill gestures from both the sides rescued the AUD bulls. The Aussie derived support from the upsurge in the Chinese yuan and stronger December Chinese Trade report.

The yuan rallied to five-month highs against the greenback after the USTR dropped China’s currency manipulator tag. Meanwhile, a big beat on the Chinese Exports and Imports data for December boost the upside in the local currency.

In the day ahead, the spot will continue to find some impetus from the US-China trade deal updates while a broadly subdued US dollar could help cushion the downside in the major. AUD/USD will also get influenced by the US CPI data lied up for release later today.

AUD/USD Technical levels to consider

AUD/USD

Overview
Today last price 0.6903
Today Daily Change -0.0004
Today Daily Change % -0.06
Today daily open 0.6905
 
Trends
Daily SMA20 0.6925
Daily SMA50 0.6869
Daily SMA100 0.6835
Daily SMA200 0.6892
 
Levels
Previous Daily High 0.6921
Previous Daily Low 0.6894
Previous Weekly High 0.6959
Previous Weekly Low 0.6848
Previous Monthly High 0.7033
Previous Monthly Low 0.6762
Daily Fibonacci 38.2% 0.6911
Daily Fibonacci 61.8% 0.6904
Daily Pivot Point S1 0.6892
Daily Pivot Point S2 0.6879
Daily Pivot Point S3 0.6865
Daily Pivot Point R1 0.692
Daily Pivot Point R2 0.6934
Daily Pivot Point R3 0.6947

 

 

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


Latest Forex News

Editors’ Picks

AUD/USD wavers below 0.7300 ahead of Aussie Trade Balance

AUD/USD fades pullback from 0.7264 after marking another failure to cross 0.7340 on D1 closing. DXY rebounds from a 12-week low as US PMIs performed better than EU data in November. Australia’s preliminary Trade Balance for October, RBA’s Debelle can offer immediate direction.

AUD/USD News

XAU/USD attempting to set a bottom at $1,830 multi-month low

Gold futures have finally broken support at $1,850 on Monday, plunging to fresh four-month lows at $1,830 amid a broadly stronger US dollar. XAU/USD has managed to find buyers at the mentioned $1,830 although it remains about 1.6% lower on the day.

Gold news

USD/JPY regains 104.50, could extend recovery

The USD/JPY pair hit a one-week high of 104.63 and is set to extend gains on persistent dollar’s strength. The positive tone of equities provide additional support to the pair.

USD/JPY News

Bitcoin final leg to $20,000 lingers, as crypto bull cycle rockets

Cryptocurrencies across the board had a memorable weekend session, with most of them rallying to new yearly highs. Ethereum, for instance, hit highs of $585 for the first time since 2018. On the other hand, Ripple brushed shoulders with $0.5.

Read more

Black Friday 2020 Discounts!

Learn to trade with the best! Don't miss the most experienced traders and speakers in FXStreet Premium webinars. Also if you are a Premium member you can get real-time FXS Signals and receive daily market analysis with the best forex insights!

More info

Forex MAJORS

Cryptocurrencies

Signatures