- NAB mortgage rate hike, USD demand amid global growth concerns knock-off the Aussie.
- Technical set up points to further downside bias, a test of 0.7050 inevitable.
The minor recovery attempts in the AUD/USD pair remains capped by the 0.7100 barrier, leaving the rates to meander near three-week lows of 0.7081 amid notable US dollar demand across the board.
Looming global growth and trade worries continued to weigh down on the overall market sentiment, in turn boosting the demand for the safe-haven US dollar at the expense of the higher-yielding Australian dollar. The USD index rallied to fresh three-week tops of 96.66 before retreating slightly to 96.57, where it now wavers.
Moreover, the Aussie remains undermined by the home loan rate hike by the National Australia Bank (NAB) early-Thursday that underscored the slowdown in the Australian housing market and called for the RBA rate cuts in the coming months.
The pair will continue to remain at the mercy of the broader market sentiment and the USD dynamics amid a lack of significant fundamental drivers slated for release later on Friday.
AUD/USD Technical Levels
AUD/USD
Overview:
Today Last Price: 0.7088
Today Daily change: -54 pips
Today Daily change %: -0.76%
Today Daily Open: 0.7142
Trends:
Daily SMA20: 0.7125
Daily SMA50: 0.7179
Daily SMA100: 0.717
Daily SMA200: 0.7308
Levels:
Previous Daily High: 0.7145
Previous Daily Low: 0.7116
Previous Weekly High: 0.7226
Previous Weekly Low: 0.7146
Previous Monthly High: 0.7394
Previous Monthly Low: 0.7014
Daily Fibonacci 38.2%: 0.7134
Daily Fibonacci 61.8%: 0.7127
Daily Pivot Point S1: 0.7124
Daily Pivot Point S2: 0.7105
Daily Pivot Point S3: 0.7095
Daily Pivot Point R1: 0.7153
Daily Pivot Point R2: 0.7163
Daily Pivot Point R3: 0.7182