AUD/USD tops 0.7000 for the first time since Jan 2020, US NFP eyed

AUD/USD bulls unstoppable as risk-on narrative remains in play.
Economic rebound hopes, Australia set to ease border restrictions.
All eyes on US payrolls data amid broad US dollar sell-off.

Dhwani Mehta FXStreet

The bullish momentum around AUD/USD remains unabated in the European session, as the spot conquered the 0.70 handle for the first time since January 2020 before retreating slightly to 0.6990 region, where it now wavers.

Following a brief consolidative stint around 0.6950 in Asia, the aussie picked up fresh bids in early Europe after the US dollar resumed its downslide across the board. The risk-on narrative returned to markets, in the wake of the optimism over the economic rebound, and downed the US dollar broadly. The US dollar index drops 0.22% to a new three-day low of 96.46, having stalled the overnight bounce near 96.80.

The seven-day long winning streak gains further traction after the AUD got a fresh boost from the latest headlines, citing that Japan and Australia are likely to discuss easing border restrictions. Australia’s Prime Minister (PM) Scott Morrison said earlier today that he is very much in favor of a travel bubble with New Zealand.

Also, no fresh updates between the US and China conflict also pleased the buyers, as the attention now shifts towards the critical US Non-Farm Payrolls data due later today at 1230 GMT. Upbeat US ADP jobs data raises hopes of a better US NFP report.

AUD/USD technical levels to watch

The upside targets are seen 0.7050 (psychological level) and 107.97 (daily classic R3) in the near-term. To the downside, the supports are aligned at 0.6937 (daily pivot), 0.6909 (5-DMA) and 0.6886 (daily classic S1).

AUD/USD additional levels

AUD/USD

Overview
Today last price	0.6989
Today Daily Change	0.0048
Today Daily Change %	0.69
Today daily open	0.6941

Trends
Daily SMA20	0.6613
Daily SMA50	0.6435
Daily SMA100	0.6481
Daily SMA200	0.666

Levels
Previous Daily High	0.6988
Previous Daily Low	0.6882
Previous Weekly High	0.6683
Previous Weekly Low	0.6519
Previous Monthly High	0.6683
Previous Monthly Low	0.6372
Daily Fibonacci 38.2%	0.6947
Daily Fibonacci 61.8%	0.6922
Daily Pivot Point S1	0.6886
Daily Pivot Point S2	0.6831
Daily Pivot Point S3	0.678
Daily Pivot Point R1	0.6992
Daily Pivot Point R2	0.7043
Daily Pivot Point R3	0.7098

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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