- AUD/USD holds below the 100-day moving average (MA) in Asia, having hit a 3.5-week low of 0.7191 in the overnight trade.
- The late recovery in the US stocks likely helped the Aussie trim losses.
The AUD/USD’s recovery rally from 3.5-week lows seems to have run out of steam at the 100-day moving average (MA) hurdle.
The Australian dollar was dumped on Thursday as Senior Huawei executive’s arrest stepped up US-China confrontation, sending global equities lower. Notably, the Dow Jones Industrial Average (DJIA) was down more than 700 points at one point.
As a result, haven demand for the US Treasuries rose, leading to USD rally, especially against the AUD and other risk currencies. The AUD/USD dropped to 0.7191 – the lowest level since Nov. 14, before regaining some poise, possibly tracking the late recovery in the US stocks. The DJIA recovered a major portion of the lost ground to end the day with a 0.3 percent loss. Meanwhile, the Nasdaq closed with a 0.42 percent gain.
The AUD’s recovery rally, however, faced rejection at the 100-day MA hurdle of 0.7236 earlier today. As of writing, it is trading at 0.7230. Asian equities are showing signs of life at press time. So, a move above the 100-day MA cannot be ruled out, but will likely be short-lived, if OPEC and non-OPEC producers fail to reach an output cut accord for the second day. Also, US-China trade tensions could cap the upside in the pair.
AUD/USD Technical Levels
Today Last Price: 0.7232
Today Daily change: -5.0 pips
Today Daily change %: -0.0691%
Today Daily Open: 0.7237
Previous Daily SMA20: 0.7266
Previous Daily SMA50: 0.7185
Previous Daily SMA100: 0.7239
Previous Daily SMA200: 0.7413
Previous Daily High: 0.7275
Previous Daily Low: 0.7192
Previous Weekly High: 0.7345
Previous Weekly Low: 0.7199
Previous Monthly High: 0.7345
Previous Monthly Low: 0.7072
Previous Daily Fibonacci 38.2%: 0.7224
Previous Daily Fibonacci 61.8%: 0.7243
Previous Daily Pivot Point S1: 0.7194
Previous Daily Pivot Point S2: 0.7151
Previous Daily Pivot Point S3: 0.7111
Previous Daily Pivot Point R1: 0.7277
Previous Daily Pivot Point R2: 0.7318
Previous Daily Pivot Point R3: 0.736