• US Dollar unstoppable amid risk aversion and positive US economic data.
  • US yields moderate upside as Wall Street falls further.
  • AUD/USD extends weekly losses and trades at its lowest since May 202.

The AUD/USD dropped further during the American session amid risk aversion and a stronger greenback. The pair is trading at 0.6540, the lowest level in more than two years, under pressure while the DXY printed fresh 20-year highs near 113.00.

All falling…

The dollar is the only king in town on Friday. Commodities are plunging, including a 6% slide in crude oil prices and a 4% decline in silver. Sovereign bonds are also lower, only finding some demand as investors fly to quality. In Wall Street, the Dow Jones is falling by 1.51% and the S&P 500 drops by 1.76%.

Fears about a global recession and higher interest rate continue to weigh on market sentiment that affects emerging and commodity currencies. The US dollar not only benefits from risk aversion on Friday but also from US economic data. The S&P Global PMI preliminary September reading showed a much larger than expected rebound, particularly in the service sector that boosted the greenback further.

The 100-pip slide on Friday in AUD/USD, adds to weekly losses that now are near 200 pips. The pair is about to post the lowest weekly close since May 2020. Despite oversold readings, the negative momentum remains firm.

Technical levels

AUD/USD

Overview
Today last price 0.6547
Today Daily Change -0.0097
Today Daily Change % -1.46
Today daily open 0.6644
 
Trends
Daily SMA20 0.6775
Daily SMA50 0.6882
Daily SMA100 0.6933
Daily SMA200 0.7097
 
Levels
Previous Daily High 0.6671
Previous Daily Low 0.6574
Previous Weekly High 0.6916
Previous Weekly Low 0.667
Previous Monthly High 0.7137
Previous Monthly Low 0.6835
Daily Fibonacci 38.2% 0.6634
Daily Fibonacci 61.8% 0.6611
Daily Pivot Point S1 0.6589
Daily Pivot Point S2 0.6533
Daily Pivot Point S3 0.6492
Daily Pivot Point R1 0.6685
Daily Pivot Point R2 0.6726
Daily Pivot Point R3 0.6782

 

 

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