AUD/USD climbs to daily highs near 0.7070 ahead of US data
- AUD/USD slumps to lowest level in more than 2-years on Thursday.
- USD weakness allows the pair to recover on Friday.
- US Dollar Index extends decline toward 96.
The risk-off mood and the negative market surrounding commodities and related currencies weighed on the AUD/USD pair and forced it to plummet to its lowest level since February of 2016 at 0.7015. However, with the market sentiment improving slightly and the greenback continuing to weaken against its peers, the pair reversed its course and recovered a majority of yesterday's losses. As of writing, the pair was trading at 0.7066, adding 0.48% on a daily basis.
The dismal performance of the U.S. Treasury bond yields and concerns over the potential negative impact of the Fed's monetary policy on the economic growth caused the US Dollar Index to lose its traction and pull away from the 97 handle. Ahead of the housing and trade balance data from the U.S., the index is losing 0.35% on the day at 96.23.
In the meantime, with investors getting ready for the New Year break, the trading conditions are likely to remain thin at least until January 2nd.
Technical levels to consider
Today Last Price: 0.7066
Today Daily change: 32 pips
Today Daily change %: 0.455%
Today Daily Open: 0.7034
Previous Daily SMA20: 0.7176
Previous Daily SMA50: 0.7189
Previous Daily SMA100: 0.7199
Previous Daily SMA200: 0.7364
Previous Daily High: 0.7078
Previous Daily Low: 0.7014
Previous Weekly High: 0.7204
Previous Weekly Low: 0.7038
Previous Monthly High: 0.7345
Previous Monthly Low: 0.7072
Previous Daily Fibonacci 38.2%: 0.7038
Previous Daily Fibonacci 61.8%: 0.7054
Previous Daily Pivot Point S1: 0.7006
Previous Daily Pivot Point S2: 0.6978
Previous Daily Pivot Point S3: 0.6942
Previous Daily Pivot Point R1: 0.707
Previous Daily Pivot Point R2: 0.7106
Previous Daily Pivot Point R3: 0.7134