AUD/USD’s bullish reaction hits resistance at 0.7320 area

  • AUD/USD's recovery from 0.7250 stalls below 0.7320
  • The aussie appreciates as market sentiment improves.
  • AUD/USD: unlikely to rise past 0.7350 – Westpac

The Australian dollar has pushed higher on Friday, bouncing up from 0.7250 to take back most of the ground lost on Thursday, before hitting resistance at 0.7320. The pair, however, is holding firm above 0.7300, on course to a 0.7% weekly gain.

The aussie appreciates on a brighter market sentiment

The overall appetite for risk witnessed on Friday, with the market shifting its focus again to the progress on the diverse COVID-19 vaccines has fuelled the Australian dollar against a broadly weaker USD.

The announcement from drugmaker Pfizer and BioNTech that they will be requesting US regulators for an emergency-use authorization has boosted hopes that the vaccine might be available late December or early January. This has eased previous fears about the surging coronavirus cases triggering a risk rally in the European session time, that has lost momentum during the US trading hours.

The US Dollar Index lost ground during the Asian session, to revisit week lows at 92.20 area, although it has managed to bounce up, with risk appetite fading during the US session, turning positive on the day.

AUD/USD likely to be capped below 0.7350 – Westpac

From a technical point of view, Westpac’s FX Analysis team do not expect the aussie to reach further than 0.7350: “The combination of positive vaccine news, record China steel production driving record demand for iron ore and commodities in general, plus Lowe’s comments that ‘negative rates were still extraordinarily unlikely in Australia’ have lifted A$ sentiment in recent sessions (…) We still see fresh closures/curfews and stay at home orders in the US and Europe as capping 0.7350 for now.” 

Technical levels to watch


Today last price 0.7308
Today Daily Change 0.0013
Today Daily Change % 0.18
Today daily open 0.7295
Daily SMA20 0.7198
Daily SMA50 0.7178
Daily SMA100 0.7164
Daily SMA200 0.6837
Previous Daily High 0.7308
Previous Daily Low 0.7254
Previous Weekly High 0.734
Previous Weekly Low 0.722
Previous Monthly High 0.7244
Previous Monthly Low 0.7002
Daily Fibonacci 38.2% 0.7274
Daily Fibonacci 61.8% 0.7287
Daily Pivot Point S1 0.7263
Daily Pivot Point S2 0.7231
Daily Pivot Point S3 0.7209
Daily Pivot Point R1 0.7318
Daily Pivot Point R2 0.734
Daily Pivot Point R3 0.7372




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

Latest Forex News

Editors’ Picks

EUR/USD hits fresh two-month highs amid dollar weakness

EUR/USD has hit new two-month highs above 1.1940 as the dollar resumes its decline. Optimism about the US transition and covid vaccines is weighing on the safe-haven dollar. 


GBP/USD falls toward 1.33 amid Brexit acrimony

GBP/USD is falling toward 1.33 as both the EU and the UK are busy blaming each other for an impasse in Brexit talks. The thorny issues remain fisheries, governance and setting a level playing field.


XAU/USD attempting to bounce up from $1,775 low

Gold futures accelerated heir downtrend from last week highs near $1,900, breaking below the 200-day SMA, at $1,800 area, to hit its lowest prices in nearly five months, at $1,775.

Gold news

Dollar offered ahead of the weekend

Equities are finishing the week on a firm tone, while the US dollar remains heavy. In the Asia Pacific, only Australia and India did not end the week on a firm note.

Read more

Black Friday 2020 Discounts!

Learn to trade with the best! Don't miss the most experienced traders and speakers in FXStreet Premium webinars. Also if you are a Premium member you can get real-time FXS Signals and receive daily market analysis with the best forex insights!

More info