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AUD/USD consolidates near 1-month tops, comfortably above 0.6800 handle

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AUD/USD consolidates near 1-month tops, comfortably above 0.6800 handle

  • The pair gained some follow-through traction and climbed to one-month tops.
  • Bulls took cues from upbeat Chinese industrial production/retail sales figures.

The AUD/USD pair now seems to have entered a bullish consolidation phase and was seen oscillating in a narrow trading band, just below one-month tops set earlier this Friday.

The pair edged higher on the last trading day of the week and added to the previous session’s strong gains despite softer Chinese GDP print, which dropped to a near 30-year low level of 6.0% in the third quarter of 2019 and marked a further loss of momentum.

The negative reading, to a larger extent, was offset by a larger-than-expected jump in the Chinese industrial production figures and mostly in line monthly retail sales data, which eventually underpinned the China-proxy Australian Dollar and provided a modest lift.

Meanwhile, the recent bearish pressure surrounding the US Dollar – led by firming market expectations that the Fed will cut interest rates further in October – seemed to have eased a bit and turned out to be one of the key factors that kept a lid on any further appreciating move.

It will now be interesting to see if bulls are able to maintain their dominant position or opt to take some profits off the table. Later during the North-American session, speeches by influential FOMC members might produce some short-term trading opportunities amid absent relevant market-moving US economic releases on the last trading day of the week.

Technical levels to watch

AUD/USD

OVERVIEW
Today last price 0.6831
Today Daily Change 0.0007
Today Daily Change % 0.10
Today daily open 0.6824
TRENDS
Daily SMA20 0.6756
Daily SMA50 0.6779
Daily SMA100 0.686
Daily SMA200 0.6972
LEVELS
Previous Daily High 0.6834
Previous Daily Low 0.675
Previous Weekly High 0.6811
Previous Weekly Low 0.6704
Previous Monthly High 0.6895
Previous Monthly Low 0.6687
Daily Fibonacci 38.2% 0.6802
Daily Fibonacci 61.8% 0.6782
Daily Pivot Point S1 0.6771
Daily Pivot Point S2 0.6718
Daily Pivot Point S3 0.6687
Daily Pivot Point R1 0.6856
Daily Pivot Point R2 0.6887
Daily Pivot Point R3 0.694
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