AUD/USD struggles to hold above 0.6900, eyes on US data


  • Upbeat data from China failed to help AUD gather strength during Asian session.
  • Broad-based buying pressure on USD drags AUD/USD lower.
  • Industrial Production in US is expected to contract in December.

After posting modest daily losses on Thursday, the AUD/USD pair edged higher to 0.6912 on Friday but reversed its course ahead of the American session. As of writing, the pair was down 0.06% on the day at 0.6895. 

The data published by the National Bureau of Statistics of China on Friday showed that Industrial Production in 2019 expanded 6.9% to beat the market expectation of 5.9%. Additionally, Retail Sales rose 8% on a yearly basis to match November's reading. Finally, the Gross Domestic Product (GDP) expanded by 6% (YoY) in the fourth quarter as expected.

Nevertheless, the positive impact of the upbeat Chinese data on the AUD remained short-lived and the AUD/USD pair erased its gains ahead of the American session.

Focus shifts to US data, Fedspeak

The broad-based USD strength seems to be driving the pair lower on Friday. The poor performance of the major European currencies helps the greenback find demand with the US Dollar Index adding 0.19% on the day at 97.50.

The US economic docket will feature Building Permits, Housing Starts, and the University of Michigan's Consumer Confidence Index data on Friday. The Federal Reserve will publish its Industrial Production, which is expected to show a contraction of 0.2% in December, as well. Moreover, Philly Fed President Harker, The Fed's vice chairman of supervision Quarles and Fed Governor Bowman will be delivering speeches.

Technical levels to watch for

AUD/USD

Overview
Today last price 0.6893
Today Daily Change -0.0007
Today Daily Change % -0.10
Today daily open 0.69
 
Trends
Daily SMA20 0.6931
Daily SMA50 0.6869
Daily SMA100 0.684
Daily SMA200 0.6888
 
Levels
Previous Daily High 0.6934
Previous Daily Low 0.6888
Previous Weekly High 0.6959
Previous Weekly Low 0.6848
Previous Monthly High 0.7033
Previous Monthly Low 0.6762
Daily Fibonacci 38.2% 0.6905
Daily Fibonacci 61.8% 0.6916
Daily Pivot Point S1 0.688
Daily Pivot Point S2 0.6861
Daily Pivot Point S3 0.6834
Daily Pivot Point R1 0.6927
Daily Pivot Point R2 0.6954
Daily Pivot Point R3 0.6973

 

 

Share: Feed news

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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended content

Editors’ Picks

EUR/USD regains traction, recovers above 1.0700

EUR/USD regains traction, recovers above 1.0700

EUR/USD regained its traction and turned positive on the day above 1.0700 in the American session. The US Dollar struggles to preserve its strength after the data from the US showed that the economy grew at a softer pace than expected in Q1.

EUR/USD News

GBP/USD returns to 1.2500 area in volatile session

GBP/USD returns to 1.2500 area in volatile session

GBP/USD reversed its direction and recovered to 1.2500 after falling to the 1.2450 area earlier in the day. Although markets remain risk-averse, the US Dollar struggles to find demand following the disappointing GDP data.

GBP/USD News

Gold holds around $2,330 after dismal US data

Gold holds around $2,330 after dismal US data

Gold fell below $2,320 in the early American session as US yields shot higher after the data showed a significant increase in the US GDP price deflator in Q1. With safe-haven flows dominating the markets, however, XAU/USD reversed its direction and rose above $2,340.

Gold News

XRP extends its decline, crypto experts comment on Ripple stablecoin and benefits for XRP Ledger

XRP extends its decline, crypto experts comment on Ripple stablecoin and benefits for XRP Ledger

Ripple extends decline to $0.52 on Thursday, wipes out weekly gains. Crypto expert asks Ripple CTO how the stablecoin will benefit the XRP Ledger and native token XRP. 

Read more

After the US close, it’s the Tokyo CPI

After the US close, it’s the Tokyo CPI

After the US close, it’s the Tokyo CPI, a reliable indicator of the national number and then the BoJ policy announcement. Tokyo CPI ex food and energy in Japan was a rise to 2.90% in March from 2.50%.

Read more

Forex MAJORS

Cryptocurrencies

Signatures