AUD/USD tracks mildly bid S&P 500 Futures to refresh intraday top above 0.7700

AUD/USD consolidates the previous day’s heavy losses that probed mid-April lows.
Market sentiment recovers amid quiet macros, off in key Asian bourses following mixed updates from US.
Covid woes battle vaccine developments, mixed second-tier Aussie data.

Anil Panchal FXStreet

AUD/USD refreshes intraday high to 0.7723, up 0.18% on the day, amid early Wednesday. In doing so, the Aussie pair benefits from the recent run-up in S&P 500 Futures, actually corrective pullback, as scheduled economics from the Oz nation flash mixed signals.

S&P 500 Futures gains 0.11% on a day after the Wall Street benchmarks were mostly drowned by the technology shares sell-off and talks over further taxes in multinational companies, backed by the International Monetary Fund (IMF).

Read: Wall Street Close: Nasdaq drops the most in seven weeks on tech sell-off

Also weighing on the market sentiment were the initial comments from US Treasury Secretary Janey Yellen who considered rate hikes as favorable to the US economy before saying, “not predicting or recommending” such moves.

Elsewhere, the coronavirus (COVID-19) updates from India and Japan remain grim while vaccine developments keep markets hopeful of a faster economic recovery in the West. Recently, Canada announced news covid restrictions in Alberta province.

Amid these plays, US 10-year Treasury yields hold steady around 1.59% as Japan’s off limits bond trading. The same helps traders to trim the US dollar’s gains marked the previous day.

Talking about data, Australia’s AiG Performance of Construction Index grew below 61.8 prior to 59.1 in April but Commonwealth Bank PMIs crossed forecast and previous readouts.

Moving on, Aussie Building Permits for April is an immediate catalyst to watch, forecast 3.0% versus 21.6% MoM, but major attention will be given to the macros ahead of the key US ISM Services PMI and ADP Employment Change.

Read: US ISM Services PMI April Preview: Inflation readings remain key as recovery gains strength

Technical analysis

A clear break above the 50-day SMA level of 0.7710 directs AUD/USD towards the 0.7760-65 resistance area.

Additional important levels

Overview
Today last price	0.7723
Today Daily Change	17 pips
Today Daily Change %	0.22%
Today daily open	0.7706

Trends
Daily SMA20	0.7718
Daily SMA50	0.7713
Daily SMA100	0.7707
Daily SMA200	0.7471

Levels
Previous Daily High	0.7766
Previous Daily Low	0.7674
Previous Weekly High	0.7819
Previous Weekly Low	0.7696
Previous Monthly High	0.7819
Previous Monthly Low	0.7531
Daily Fibonacci 38.2%	0.7709
Daily Fibonacci 61.8%	0.7731
Daily Pivot Point S1	0.7665
Daily Pivot Point S2	0.7624
Daily Pivot Point S3	0.7574
Daily Pivot Point R1	0.7757
Daily Pivot Point R2	0.7807
Daily Pivot Point R3	0.7848

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

GBP/USD revisits 1.3530; Dollar pushes harder

GBP/USD adds to the weekly correction and recedes toward the 1.3530 zone on Friday. Indeed, Cable faces increasing selling pressure on the back of extra gains in the Greenback, particularly fuelled by Chair Warsh’s speech at the Jackson Hole Symposium and the US NFP Annual Revision (-79K).

EUR/USD breaches below 1.1600, multi-day lows

EUR/USD now accelerates its decline and retreats to seven-day troughs in the sub-1.1600 region at the end of the week. The pair’s pullback comes on the back of the strong rebound in the US Dollar after Chair Warsh delivered a hawkish message in Jackson Hole, while the US NFP Annual Revision came in at -79K.

Gold challenges its 200-day SMA near $4,530

Gold’s decline gathers fresh steam, hitting weekly lows while disputing its critical 200-day SMA near $4,530 per troy ounce. The yellow metal’s increasing weakness comes in response to the generalised upbeat tone in the US Dollar and the widespread rebound in US Treasury yields, as investors continue to reprice a Fed rate hike in September.

Crypto Today: Bitcoin, Ethereum, XRP rally loses steam despite steady ETF inflows

Bitcoin is back below $80,000 at the time of writing on Friday, after a second attempt at breaking resistance between $81,000 and $82,000. Meanwhile, Ethereum and Ripple mirror Bitcoin’s cooling trend, with ETH sliding to $2,500 and XRP falling toward $1.40 support.

Week ahead – RBNZ and BoC decide on rates ahead of all-important US NFP

Dollar rebounds ahead of ISM PMI and NFP data. RBNZ is expected to raise rates; focus to fall on forward guidance. BoC is set to remain on hold; will it raise rates in 2027?

Diesel’s record $100 warning: The oil shock hiding in plain sight

The Oil market may look calmer than it did a few months ago, but diesel is sending a very different message. The US diesel crack spread, the premium of ultra-low sulphur diesel futures over WTI, recently surged above $100 per barrel for the first time, reaching an intraday record of just over $102.00.