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AUD/USD supported on hourly 20 SMA

FXStreet (Guatemala) - AUD/USD is currently trading at 0.6985 with a high of 0.7024 and a low of 0.6936.

AUD/USD is settling back after a good display on the bid as markets began to turn less negative in the European session, and the major commodity currency rallied from the lows of 0.6942 up to test the vicinity of the 50 SMA on the hourly chart at 0.6997. It was breaching there to score a high of 0.7023 and is now supported on the 20 SMA at 0.6979.

There was a better risk environment on Wall Street as well, but only temporarily and the day was mixed.

AUD/USD data before Nonfarm Payrolls

AUD/USD has data releases for tonight from the Australian economy ahead of key data from China tomorrow. We have the building permits and private sector credit from Australia as second tier data while Caixin manufacturing and services PMI's as well as NBS manufacturing and non-manufacturing will be released tomorrow. Then we have Nonfarm Payrolls in the US on Friday.

AUD/USD levels

Technically, analysts at UOB Group explained that the outlook on a 1-3 week basis remains Bearish. "But any down-move will likely struggle near 0.6895. AUD continues to edge lower and there is no change to the current bearish view. The target is at 0.6895, but based on the current momentum, a sustained break below this level appears unlikely for now (profit-taking recommended). Stop-loss has been moved lower to 0.7055 from 0.7090 previously even though 0.7020 is already a strong resistance."

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