AUD/USD Price Forecast: Flat lines below mid-0.7000s/100-SMA as bulls await US NFP
The AUD/USD pair finds some support near the 38.2% Fibonacci retracement level of the May-June corrective slide and, for now, seems to have stalled its pullback from the highest level since June 17, around 0.7065, touched earlier this week.
The AUD/USD pair is currently finding support near the 38.2% Fibonacci retracement level and is struggling to attract meaningful buyers. Geopolitical uncertainties continue to support the safe-haven US Dollar (USD) ahead of the crucial US Nonfarm Payrolls (NFP) report. The NFP release will provide fresh cues about the US Federal Reserve's (Fed) policy path, which will drive the US Dollar (USD) and provide a fresh impetus to the AUD/USD pair.
Technical analysis suggests caution for bulls, as the pair has failed to build on its strength above the 100-day Simple Moving Average (SMA) and failed near the 50% Fibonacci level. Support levels are found near the 38.2% Fibo. level and the 200-day SMA at 0.6923, with further downside protection expected at the 23.6% level and the 200-day SMA.
Initial resistance is seen at the 100-day SMA at 0.7052, followed by the 50.0% Fibonacci retracement and the 61.8% level.
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