AUD/USD Falls Back To 0.6700 As Aussie Grinds Lower -

AUD/USD Falls Back To 0.6700 As Aussie Grinds Lower

Jan 04, 2024Jeremy ParkinsonFinance, No picture0

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The Aussie is down 0.4% against the Greenback as the AUD deflates.

Thursday’s early risk-bid on China PMI beats gave way to pre-NFP positioning.

USD NFP Friday to close out the first trading week of 2024.

The AUD/USD continued to backslide on Thursday, slipping back into the 0.6700 handle after a short-lived rally sparked by improving risk sentiment on the back of a better-than-expected print in China’s Caixin Services Purchasing Managers’ Index (PMI) for December.Investors are gearing up for a fresh print of the the US Nonfarm Payrolls report for December to wrap up the first trading week of 2024, and markets are expecting the latest labor figures from the US to show 170K new jobs additions for the last reporting period of 2023, compared to November’s 199K.Investors scrambled to revise their NFP forecasts upwards after Thursday’s US ADP Employment Change broadly beat estimates, showing ADP payrolls increased by a net 164K job additions compared to the median market forecast of 115K, versus the previous month’s 101K (revised down slightly from 103K). However, given the widening gap between official employment figures and private ‘preview’ data, investors should practice caution as discrepancies continue to plague employment pre-NFP figures.Australian Dollar price todayThe table below shows the percentage change of Australian Dollar (AUD) against listed major currencies today. Australian Dollar was the strongest against the Japanese Yen.AUD/USD Technical OutlookThe AUD/USD is trading on the bottom side of the 200-hour Simple Moving Average (SMA), running aground of the 0.6700 handle as near-term momentum pins firmly into the bearish side with a downside cross of the 50-hour and 200-hour SMAs near 0.6800 acting as a short-term technical ceiling.The Aussie has closed in the red for five consecutive trading days, declining nearly 2.5% from late December’s peak near 0.6870.The AUD/USD’s downturn sets the pair up for a fresh bearish challenge of the 0.6600 handle, though bidders could look for a bullish bounce from the topside crossover of the 50-day and 200-day SMAs just below 0.6600.AUD/USD Hourly ChartAUD/USD Daily ChartAUD/USD Technical LevelsAUD/USD

OVERVIEW Today last price 0.6704 Today Daily Change -0.0022 Today Daily Change % -0.33 Today daily open 0.6726

TRENDS Daily SMA20 0.6729 Daily SMA50 0.6588 Daily SMA100 0.6493 Daily SMA200 0.6584

LEVELS Previous Daily High 0.6771 Previous Daily Low 0.6702 Previous Weekly High 0.6871 Previous Weekly Low 0.6781 Previous Monthly High 0.6871 Previous Monthly Low 0.6526 Daily Fibonacci 38.2% 0.6728 Daily Fibonacci 61.8% 0.6745 Daily Pivot Point S1 0.6695 Daily Pivot Point S2 0.6664 Daily Pivot Point S3 0.6626 Daily Pivot Point R1 0.6764 Daily Pivot Point R2 0.6801 Daily Pivot Point R3 0.6832

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