AUD/USD breaks key resistance and approaches 0.6800 as US Dollar slides – Crypto News – Crypto News
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AUD/USD hangs near one-month low, just above mid-0.6800s amid bullish USD AUD/USD hangs near one-month low, just above mid-0.6800s amid bullish USD

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AUD/USD breaks key resistance and approaches 0.6800 as US Dollar slides – Crypto News

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  • The US Dollar falls across the board on Thursday amid risk appetite.
  • AUD/USD strengthens after breaking 0.6750, trims weekly losses.
  • US Initial Jobless Claims rise to 230K and Continuing Claims hit fresh monthly highs.

A slide of the US Dollar across the board boosted the AUD/USD pair that broke above 0.6745. It hit three-day highs at 0.6769 following US economic data and then pulled back to 0.6755/60.

The US Dollar is falling modestly while commodity currencies are rising strongly. Gold, silver and crude oil are all up. The DXY is down just 0.05% at 105.10. US Treasury yields hold steady, marginally higher.

Regarding economic data, US Initial Jobless Claims rose as expected to 230K in the week ended December 3 while Continuing Claims increased by 62K to 1.671 million in the week ended November 26, above the 1.575 million of market consensus, hitting the highest level since early February . On Friday, China will report the Consumer Price Index for November which is expected to show an increase of 1.5% (annual).

Positive short-term outlook for AUD above 0.6750

The AUD/USD gained momentum after breaking the 0.6740/50 area that capped the upside during the last two trading days. While above this level, the Outlook is bullish of the Aussie in the very short-term. The next resistance is seen at 0.6780 followed by 0.6795.

A slide back under 0.6740 would weaken the pair, exposing the next support area at 0.6710. Below, the next one stands at 0.6680.

technical levels

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