AUD/USD testing into 0.7050 as Pacific theater steps higher

• The Aussie is catching a bid, rather the greenback is stepping down, in early Friday action.
• 0.7050 remains a popular level for AUD/USD for several months as the pair wraps itself around the key level.

AUD/USD is trading upwards from Thursday’s low of 0.7015 as the Pacific markets follow Wall Street’s closing lead, with risk appetite looking for a lift through the week’s final trading day.

2018 is set to close with the Aussie trading notably into the low end, down a neat 1,000 pips from the year’s peak near 0.8100, with the AUD slumping on slowing growth concerns, lagging commodity prices, and the ever-present US-China trade war which threatens to throw the Chinese domestic into a tailspin and take the Australian economy with it.

Both this week and next week remain relatively free of any meaningful Aussie economic data, and the pair will continue to spiral along with broader market sentiment as traders find little reason to bid up the AUD on its own merits.

AUD/USD Technical Levels