AUD/USD testing into 0.7050 as Pacific theater steps higher

The Aussie is catching a bid, rather the greenback is stepping down, in early Friday action.
0.7050 remains a popular level for AUD/USD for several months as the pair wraps itself around the key level.

Joshua Gibson FXStreet

AUD/USD is trading upwards from Thursday's low of 0.7015 as the Pacific markets follow Wall Street's closing lead, with risk appetite looking for a lift through the week's final trading day.

2018 is set to close with the Aussie trading notably into the low end, down a neat 1,000 pips from the year's peak near 0.8100, with the AUD slumping on slowing growth concerns, lagging commodity prices, and the ever-present US-China trade war which threatens to throw the Chinese domestic into a tailspin and take the Australian economy with it.

Both this week and next week remain relatively free of any meaningful Aussie economic data, and the pair will continue to spiral along with broader market sentiment as traders find little reason to bid up the AUD on its own merits.

AUD/USD Technical Levels

AUD/USD

Overview:
    Today Last Price: 0.7045
    Today Daily change: 11 pips
    Today Daily change %: 0.156%
    Today Daily Open: 0.7034
Trends:
    Previous Daily SMA20: 0.7176
    Previous Daily SMA50: 0.7189
    Previous Daily SMA100: 0.7199
    Previous Daily SMA200: 0.7364
Levels:
    Previous Daily High: 0.7078
    Previous Daily Low: 0.7014
    Previous Weekly High: 0.7204
    Previous Weekly Low: 0.7038
    Previous Monthly High: 0.7345
    Previous Monthly Low: 0.7072
    Previous Daily Fibonacci 38.2%: 0.7038
    Previous Daily Fibonacci 61.8%: 0.7054
    Previous Daily Pivot Point S1: 0.7006
    Previous Daily Pivot Point S2: 0.6978
    Previous Daily Pivot Point S3: 0.6942
    Previous Daily Pivot Point R1: 0.707
    Previous Daily Pivot Point R2: 0.7106
    Previous Daily Pivot Point R3: 0.7134

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

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