Mon. May 20th, 2024

The AUD/USD pair holds gains above the round-level support of 0.6400 in Friday’s early New York session. 

  • AUD/USD clings to gains above 0.6400 as market sentiment improves.
  • The appeal for risky assets improved after reports from Iran indicated that the attack in Isfahan was exaggerated.
  • Weak Australian Employment data positively influence speculation for early RBA rate cuts.

The AUD/USD pair holds gains above the round-level support of 0.6400 in Friday’s early New York session. The Aussie asset recovers as fears of further escalation in Middle East tensions ease after Iran reported that the drone attack did not harm nuclear facilities in Isfahan. Also, the attack from Israel, which has not been confirmed by them but by US officials appeared to be limited in size.  Meanwhile, Iran said that they have no plans for an immediate retaliation.

Market sentiment turns upbeat as the appeal for risky assets improves. The S&P 500 witnesses buying interest at open and recovers losses posted in the European session. 10-year US Treasury yields fall to 4.62% even though Federal Reserve (Fed) policymakers have been endorsing higher interest rates for a longer period.

Fed policymakers have been arguing that they are comfortable with higher interest rates because labor demand is robust and wages are rising. They have warned that the progress in inflation declining to the 2% target is lower than expected.

The US Dollar Index (DXY) whipsaws around 106.00 as the appeal for risk-perceived assets improves. The near-term outlook of the US Dollar is still strong due to upbeat United States economic prospects.

Meanwhile, weak Australian Employment data for March has strengthened speculation for early rate cuts by the Reserve Bank of Australia (RBA). According to the Australian Bureau of Statistics, employers fired 6.6K workers against expectations of fresh 7.2K hiring. In February, 117.6K job-seekers were hired, which was slightly revised higher from 116.5K. The Unemployment Rate rose to 3.8% from 3.7% but remained below the estimates of 3.9%.

AUD/USD

Overview
Today last price0.6421
Today Daily Change-0.000
Today Daily Change %-0.02
Today daily open0.6422
Trends
Daily SMA200.6517
Daily SMA500.6536
Daily SMA1000.6594
Daily SMA2000.6536
Levels
Previous Daily High0.6456
Previous Daily Low0.6416
Previous Weekly High0.6644
Previous Weekly Low0.6456
Previous Monthly High0.6667
Previous Monthly Low0.6478
Daily Fibonacci 38.2%0.6432
Daily Fibonacci 61.8%0.6441
Daily Pivot Point S10.6406
Daily Pivot Point S20.6391
Daily Pivot Point S30.6366
Daily Pivot Point R10.6447
Daily Pivot Point R20.6472
Daily Pivot Point R30.6487

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