AUD/USD rebounds from weekly lows back above 0.6700

US Dollar Index drops but commodity currencies are under pressure on Friday.
Key data ahead: US S&P Global PMI
AUD/USD is down for the day, holds above 0.6680.

Matías Salord FXStreet

The AUD/USD pair bottomed during the European session at 0.6678, the lowest level since April 12, but quickly rose above 0.6680. Recently it climbed back above 0.6700, and it continues to trim losses ahead of important US economic data.

At 13:45 GMT, the preliminary April US S&P Global PMI will be released. Those numbers will be relevant for market participants looking for clues about the economic outlook.

Ahead of the meeting, the US Dollar Index is falling 0.10%, trading at 106.80. The slide is driven by a rebound in EUR/USD and an extension of the decline in USD/JPY. The commodity currencies block is falling on Friday.

Earlier, the April PMI from Australia showed the Manufacturing Index at 48.1, below 49.1 in March, and the Service Index at 52.6, up from 48.6 in March, the highest reading since June 2022.

Short-term outlook

The pair is holding above the 0.6680 support area. If it consolidates below, the outlook would weaken for the Aussie. While above, AUD/USD is seen moving sideways.

On the upside, the Aussie needs to rise and hold above 0.6750, to strengthen the outlook. Above, the next resistance area stands at 0.6775, and the last defense to 0.6800.

Technical levels

AUD/USD

Overview
Today last price	0.6702
Today Daily Change	-0.0039
Today Daily Change %	-0.58
Today daily open	0.6741

Trends
Daily SMA20	0.6702
Daily SMA50	0.6731
Daily SMA100	0.6799
Daily SMA200	0.6743

Levels
Previous Daily High	0.6772
Previous Daily Low	0.6697
Previous Weekly High	0.6806
Previous Weekly Low	0.662
Previous Monthly High	0.6784
Previous Monthly Low	0.6564
Daily Fibonacci 38.2%	0.6743
Daily Fibonacci 61.8%	0.6725
Daily Pivot Point S1	0.6701
Daily Pivot Point S2	0.6662
Daily Pivot Point S3	0.6627
Daily Pivot Point R1	0.6776
Daily Pivot Point R2	0.6811
Daily Pivot Point R3	0.6851

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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