AUD/USD Falls Back To 0.6700 As Aussie Grinds Lower
Image Source: Unsplash
- The Aussie is down 0.4% against the Greenback as the AUD deflates.
- Thursday’s early risk-bid on China PMI beats gave way to pre-NFP positioning.
- USD NFP Friday to close out the first trading week of 2024.
The AUD/USD continued to backslide on Thursday, slipping back into the 0.6700 handle after a short-lived rally sparked by improving risk sentiment on the back of a better-than-expected print in China’s Caixin Services Purchasing Managers’ Index (PMI) for December.
Investors are gearing up for a fresh print of the the US Nonfarm Payrolls report for December to wrap up the first trading week of 2024, and markets are expecting the latest labor figures from the US to show 170K new jobs additions for the last reporting period of 2023, compared to November’s 199K.
Investors scrambled to revise their NFP forecasts upwards after Thursday’s US ADP Employment Change broadly beat estimates, showing ADP payrolls increased by a net 164K job additions compared to the median market forecast of 115K, versus the previous month’s 101K (revised down slightly from 103K). However, given the widening gap between official employment figures and private ‘preview’ data, investors should practice caution as discrepancies continue to plague employment pre-NFP figures.
Australian Dollar price today
The table below shows the percentage change of Australian Dollar (AUD) against listed major currencies today. Australian Dollar was the strongest against the Japanese Yen.
AUD/USD Technical Outlook
The AUD/USD is trading on the bottom side of the 200-hour Simple Moving Average (SMA), running aground of the 0.6700 handle as near-term momentum pins firmly into the bearish side with a downside cross of the 50-hour and 200-hour SMAs near 0.6800 acting as a short-term technical ceiling.
The Aussie has closed in the red for five consecutive trading days, declining nearly 2.5% from late December’s peak near 0.6870.
The AUD/USD’s downturn sets the pair up for a fresh bearish challenge of the 0.6600 handle, though bidders could look for a bullish bounce from the topside crossover of the 50-day and 200-day SMAs just below 0.6600.
AUD/USD Hourly Chart
AUD/USD Daily Chart
AUD/USD Technical Levels
AUD/USD
| OVERVIEW | |
|---|---|
| Today last price | 0.6704 |
| Today Daily Change | -0.0022 |
| Today Daily Change % | -0.33 |
| Today daily open | 0.6726 |
| TRENDS | |
|---|---|
| Daily SMA20 | 0.6729 |
| Daily SMA50 | 0.6588 |
| Daily SMA100 | 0.6493 |
| Daily SMA200 | 0.6584 |
| LEVELS | |
|---|---|
| Previous Daily High | 0.6771 |
| Previous Daily Low | 0.6702 |
| Previous Weekly High | 0.6871 |
| Previous Weekly Low | 0.6781 |
| Previous Monthly High | 0.6871 |
| Previous Monthly Low | 0.6526 |
| Daily Fibonacci 38.2% | 0.6728 |
| Daily Fibonacci 61.8% | 0.6745 |
| Daily Pivot Point S1 | 0.6695 |
| Daily Pivot Point S2 | 0.6664 |
| Daily Pivot Point S3 | 0.6626 |
| Daily Pivot Point R1 | 0.6764 |
| Daily Pivot Point R2 | 0.6801 |
| Daily Pivot Point R3 | 0.6832 |
More By This Author:
WTI Crude Oil Slips Back Into $72.00 Despite Middle East Tension, U.S. Crude Stocks DeclineAUD/USD Dips Toward 0.6700, Pressured By Strong US Data
Pound Sterling Price News And Forecast: GBP Advances On Improved Market Mood
Disclosure: Information on this article contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes ...
more
Comments
