AUD/USD Slides To 0.6525 Area, Fresh Daily Low As Traders Await Chinese Trade Data
Image Source: Unsplash
- AUD/USD comes under some renewed selling pressure and erodes a part of the overnight gains.
- Reduced Fed rate cut bets, along with geopolitics, underpin the USD and drag spot prices lower.
- Chinese trade data, the US consumer sentiment index and Fedspeak eyed for a fresh impetus.
The AUD/USD pair meets with a fresh supply during the Asian session on Friday and erodes a part of the previous day's goodish intraday move up from the 0.6500 psychological mark. Spot prices currently trade around the 0.6530-0.6525 area, though the downside seems cushioned amid mixed fundamental cues.
The South China Morning Post reported that Chinese Premier Li Qiang will visit Australia in June. This is seen as a sign of improving relations between Australia and China, which, in turn, is seen acting as a tailwind for the Aussie. Any meaningful appreciating move for the AUD/USD pair, however, seems elusive in the wake of the underlying bullish sentiment surrounding the US Dollar (USD), bolstered by hawkish Federal Reserve (Fed) expectations.
The hotter-than-expected US consumer inflation figures released on Wednesday forced investors to push back their bets about the timing of the first interest rate cut to September from June. The outlook keeps the US Treasury bond yields elevated, which, along with persistent geopolitical tensions, assists the USD to stand tall near the YTD peak. This, in turn, might continue to act as a headwind for the AUD/USD pair and warrants some caution for bulls.
Market participants now keenly await the release of Chinese trade balance data, which might influence the China-proxy Australian Dollar (AUD). Later during the early North American session, the Preliminary Michigan Consumer Sentiment Index and speeches by influential FOMC members will drive the USD demand, which, in turn, should provide some impetus to the AUD/USD pair. Nevertheless, spot prices seem poised to register weekly losses, though hold above the monthly swing low, around the 0.6480 region touched on April 1.
AUD/USD
| OVERVIEW | |
|---|---|
| Today last price | 0.6526 |
| Today Daily Change | -0.0012 |
| Today Daily Change % | -0.18 |
| Today daily open | 0.6538 |
| TRENDS | |
|---|---|
| Daily SMA20 | 0.6549 |
| Daily SMA50 | 0.6544 |
| Daily SMA100 | 0.6603 |
| Daily SMA200 | 0.6544 |
| LEVELS | |
|---|---|
| Previous Daily High | 0.6553 |
| Previous Daily Low | 0.6502 |
| Previous Weekly High | 0.6619 |
| Previous Weekly Low | 0.6481 |
| Previous Monthly High | 0.6667 |
| Previous Monthly Low | 0.6478 |
| Daily Fibonacci 38.2% | 0.6534 |
| Daily Fibonacci 61.8% | 0.6521 |
| Daily Pivot Point S1 | 0.6509 |
| Daily Pivot Point S2 | 0.648 |
| Daily Pivot Point S3 | 0.6458 |
| Daily Pivot Point R1 | 0.656 |
| Daily Pivot Point R2 | 0.6582 |
| Daily Pivot Point R3 | 0.6611 |
More By This Author:
GBP/USD Price Analysis: Pound Is Under Increasing Bearish Pressure With 1.2500 Support In PlayUSD/MXN Price Analysis: Remains below 23.6% Fibo. Hurdle Near Mid-16.00s, Or Weekly High
Canadian Dollar Hit New Lows After Strong US Inflation Data
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 ...
more
Comments
