AUD/USD outlook: AUD/USD was the top loser of Asian/early European trading on Friday
|AUD/USD
AUDUSD was sharply down during Asian / early European sessions on Friday, falling over 2% so far and being the top loser of the day.
The Ausie dollar remains under strong pressure from risk aversion that continue to weaken stocks and commodities, with stronger dollar on Friday morning, adding to negative near term outlook.
Today’s bearish acceleration has so far retraced over 61.8% of 0.6087/0.6408 and pressuring pivotal support at 0.6187 (Mar 4 low) with firm break here to generate fresh bearish signal.
Daily studies turned to full bearish configuration and contribute to growing risk of further losses (Australian dollar is on track for the biggest daily drop since 10 Apr 2024).
Broken daily cloud base at 0.6248 (also broken 50% retracement of 0.6087/0.6408) reverted to solid resistance which should cap upticks and keep bears in play.
We look for fresh signals from the US labor data (due later today).
Res: 0.6210; 0.6248; 0.6284; 0.6300.
Sup: 0.6187; 0.6163; 0.6131; 0.6100.
Interested in AUD/USD technicals? Check out the key levels
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.