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AUD/USD clings to modest gains, holds comfortably above 0.6700 mark

Written by By Haresh Menghani | 2020-02-14 07:43:21 GMT
  • AUD/USD manages to regain some positive traction on the last day of the week.
  • Coronavirus concerns, bullish tone around the USD seemed to cap the upside.
  • Investors now look forward to the US economic docket for some trading impetus.

The AUD/USD pair extended its sideways consolidative price action on Friday and remained confined in a range, comfortably above the 0.6700 round-figure mark.

Following the previous session's pullback from weekly tops, the pair managed to regain some positive traction on the last trading day of the week. Some stability in the global financial markets extended some support to perceived riskier currencies, including the Australian dollar.

The upside is likely to remain capped

However, a combination of negative forces held investors from placing any aggressive bullish bets and kept a lid on any strong follow-through. Renewed concerns over the economic impact of the deadly coronavirus continued undermining demand for the China-proxy aussie.

On the other hand, the US dollar stood tall near multi-month tops, above the 99.00 round-figure mark, and seemed rather unaffected by a modest pullback in the US Treasury bond yields, which further collaborated toward capping any meaningful upside for the major.

Moving ahead, market participants now look forward to the US economic docket, highlighting the release of monthly retail sales figures and the Michigan Consumer Sentiment Index, which might influence the USD price dynamics and produce some short-term trading opportunities.

Technical levels to watch

AUD/USD

Overview
Today last price 0.6725
Today Daily Change 0.0006
Today Daily Change % 0.09
Today daily open 0.6719
 
Trends
Daily SMA20 0.6761
Daily SMA50 0.6849
Daily SMA100 0.683
Daily SMA200 0.6857
 
Levels
Previous Daily High 0.6746
Previous Daily Low 0.6706
Previous Weekly High 0.6775
Previous Weekly Low 0.6662
Previous Monthly High 0.704
Previous Monthly Low 0.6682
Daily Fibonacci 38.2% 0.6721
Daily Fibonacci 61.8% 0.6731
Daily Pivot Point S1 0.6702
Daily Pivot Point S2 0.6684
Daily Pivot Point S3 0.6662
Daily Pivot Point R1 0.6742
Daily Pivot Point R2 0.6764
Daily Pivot Point R3 0.6782

 

 

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By Haresh Menghani
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