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• The AUD/USD currency pair caught a much-needed bid on Friday after the US NFP report clobbered forecasts.
• The Aussie still remained buried deep in bear territory after falling to fresh lows for 2023 early in the week.
• Market focus is set to turn to US inflation expectations next week.

The AUD/USD currency pair etched in a new high for Friday at the 0.6400 level after catching a broad-market risk appetite bid that sent the US dollar lower as the market's appetite for risk flipped to a 'risk-on' approach to close out the trading week.

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Despite Friday's much-needed reprieve for the Aussie, which has been down nearly 11% against the US dollar for the year, market sentiment is due to turn back to US inflationary pressure next week, with US Producer Price Index (PPI) numbers and the Federal Reserve's latest meeting minutes slated for next Wednesday. This will be followed by the latest US Consumer Price Index (CPI) inflation reading later in the week.

AUD/USD Technical Outlook

The Aussie rode a wave of market risk appetite higher on Friday, closing the daily session in the green. However, the AUD/USD pair was still down 0.75% on the week's opening prices near 0.6433.

Despite the late-week bullish push, the AUD/USD currency pair remained firmly entrenched in bearish territory, with price action seen trading well below the 200-day Simple Moving Average (SMA) at 0.6675, and with near-term moves capped by the 50-day SMA near 0.6450.

AUD/USD Daily Chart

AUD/USD Technical Levels

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