AUD/USD ticks higher, still below 0.6900 handle ahead of US retail sales


  • Positive trade-related developments continue to underpin the Aussie.
  • The USD held on the defensive and remained supportive of the uptick.
  • Investors now eye US retail sales data for short-term trading impetus.

The AUD/USD pair edged higher through the early European session on Friday, albeit remained well within a broader trading range held over the past four trading sessions.
 
After the overnight intraday rejection slide from the 0.6900 round figure mark, the pair managed to regain some positive traction on the last trading day of the week and was being supported by encouraging signs that the United States and China were narrowing their differences over trade.

US-China trade optimism/weaker USD remained supportive

Trade concerns eased further after China was said to narrow the scope for upcoming trade negotiations in hopes to resolve some key issues and break the deadlock. Adding to this, reports suggested that the Trump administration might offer a limited trade agreement to China that would delay and even roll back some US tariffs.
 
The incoming positive trade-related headlines continued fueling the global risk sentiment and underpinned demand for the perceived riskier/China-proxy Australian Dollar, which coupled with a weaker tone surrounding the US Dollar remained supportive of the bid tone surrounding the major.
 
Despite the uptick, the pair seemed lacking any strong bullish conviction as investors now seemed to await a fresh catalyst, possibly from the upcoming FOMC meeting on September 17-18, before positioning for any further near-term appreciating move.
 
In the meantime, Friday's release of the US monthly retail sales data might influence the USD price dynamics and produce some meaningful trading opportunities on the last trading day of the week.

Technical levels to watch

AUD/USD

Overview
Today last price 0.6875
Today Daily Change 0.0010
Today Daily Change % 0.15
Today daily open 0.6865
 
Trends
Daily SMA20 0.6786
Daily SMA50 0.6855
Daily SMA100 0.6906
Daily SMA200 0.7015
Levels
Previous Daily High 0.6895
Previous Daily Low 0.6848
Previous Weekly High 0.6862
Previous Weekly Low 0.6687
Previous Monthly High 0.6869
Previous Monthly Low 0.6676
Daily Fibonacci 38.2% 0.6877
Daily Fibonacci 61.8% 0.6866
Daily Pivot Point S1 0.6844
Daily Pivot Point S2 0.6822
Daily Pivot Point S3 0.6797
Daily Pivot Point R1 0.6891
Daily Pivot Point R2 0.6916
Daily Pivot Point R3 0.6938

 

 

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

Editors’ Picks

EUR/USD hits fresh weekly highs, nears 1.0900

The greenback is in trouble as government bond yields keep falling to record lows spurring gears of recession. Risk-off exacerbated by coronavirus spreading worldwide.

EUR/USD News

USD/JPY pierces 110.00 as fear rules

Wall Street is sharply down for a second consecutive day while US Treasury yields stand at record lows, reflecting investors concerns and backing yen gains.

USD/JPY News

Dollar domination set to continue, with or without coronavirus fears

The coronavirus-related fall in US bond yields has been weighing on the US dollar. Nevertheless – and despite worries coming from Markit's PMIs – the greenback is set to gain more ground.

Read more

Gold: Pares early losses, still in the red below $1650 level

Gold extended previous day's intraday retracement slide from multi-year tops and witnessed some follow-through long-unwinding trade on Tuesday.

Gold News

FXStreet launches Real-Time Trading Signals

FXStreet Signals offers access to explanatory live webinars, real-time notifications when signals are triggered and exclusive membership to the company’s Telegram group, where users get direct guidance by our analysts and get room to discuss and interact.

More info

Forex MAJORS

Cryptocurrencies

Signatures