- AUD/USD has pulled back from six-week highs to 0.7240.
- However, the pair maintains significant gains for the week amid a cocktail of bullish tailwinds.
The AUD/USD has pulled back from six-week highs it hit earlier in the session at 0.7280 and is now trading 0.3% lower on the day, with the Australian dollar one of the weakest in the G10 as macro risk appetite in general it has worsened (modestly). But at current levels, just below 0.7250, the pair is still trading with solid gains of around 1.2% this week.
This is mainly due to specific tailwinds out of Australia as a result of US dollar inflows (in fact, DXY is slightly to positive on the week at the time of writing). Stronger-than-expected Q1 GDP data and strong monthly trade figures released this week added to recent higher-than-expected Australian consumer price inflation figures that have spurred bets. that the Reserve Bank of Australia is going to accelerate the pace of rate hikes in upcoming meetings.
Most analysts are betting that the central bank will raise interest rates by 40 basis points next Tuesday. Meanwhile, analysts also cite the easing of this week’s lockdowns in China to lift spirits: China is Australia’s largest trading partner and export destination.
Technical levels
AUD/USD
| Panorama | |
|---|---|
| Last Price Today | 0.7247 |
| Today’s Daily Change | -0.0017 |
| Today’s Daily Change % | -0.23 |
| Today’s Daily Opening | 0.7264 |
| Trends | |
|---|---|
| 20 Daily SMA | 0.7056 |
| 50 Daily SMA | 0.7235 |
| 100 Daily SMA | 0.723 |
| 200 Daily SMA | 0.7259 |
| levels | |
|---|---|
| Previous Daily High | 0.727 |
| Previous Daily Minimum | 0.714 |
| Previous Maximum Weekly | 0.7167 |
| Previous Weekly Minimum | 0.7034 |
| Monthly Prior Maximum | 0.7267 |
| Previous Monthly Minimum | 0.6828 |
| Daily Fibonacci 38.2% | 0.7221 |
| Daily Fibonacci 61.8% | 0.719 |
| Daily Pivot Point S1 | 0.718 |
| Daily Pivot Point S2 | 0.7095 |
| Daily Pivot Point S3 | 0.705 |
| Daily Pivot Point R1 | 0.7309 |
| Daily Pivot Point R2 | 0.7354 |
| Daily Pivot Point R3 | 0.7439 |
Source: Fx Street
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