- The AUD/USD pair recorded slight gains, settling around the 0.6650 level.
- Mixed ISM PMIs were reported in the US. Chinese PMIs were better than expected and supported the AUD.
- Investors will look for clues in Jerome Powell’s speech at Spelman College in Georgia.
In the Friday session, the Australian Dollar (AUD) found demand against its US pair, and the pair AUD/USD advanced and traded around 0.6650. The pair’s bullish movement appears to be due to positive Chinese PMI numbers, which improved in November. Since the Chinese economy plays an important role in the Australian economy, positive numbers tend to benefit the AUD.
On the US side, for the twelfth consecutive month, the US manufacturing sector experienced a contraction in economic activity in November. The ISM Manufacturing PMI was unchanged at 46.7, below market expectations of 47.6. Attention now turns to Jerome Powell’s speech at 16:00 GMT and 19:00 GMT at two separate events hosted by Spelman College in Georgia.
In that sense, investors will look for clues about the Federal Reserve’s (Fed) analysis of the recent data published by the US, in which a slowdown in consumer price and spending indices was observed in recent months. of personal consumption, two important indicators of inflation for the entity.
AUD/USD levels to watch
On the AUD/USD daily chart, it is evident that buying momentum is dominating. The Relative Strength Index (RSI) is approaching overbought territory, while the Moving Average Convergence Divergence (MACD) histogram shows ascending green bars, reaffirming this buying trend.
Furthermore, the AUD/USD pair is trading above its 20-day, 100-day, and 200-day simple moving averages (SMA). This position suggests sustained bullish momentum as the pair is trading above these crucial markers, solidifying the bulls’ control on a broader scale.
Support levels: 0.6600, 0.6580 (200-day SMA), 0.6500.
Resistance Levels: 0.6670, 0.6700, 0.6730.
AUD/USD Daily Chart
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Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
