The pair is weak on the back of the recent trade tariffs announcement, but remains supported
The daily chart shows that in spite of all the negativity surrounding the trade tariffs and risk sentiment that is hurting stocks, AUD/USD is holding up quite decently just above the 61.8 retracement level @ 0.7744.
The pair looked to have gone for a break on Thursday, but the close sees it above the 61.8 retracement level. Meanwhile, to the topside the pair looks to be capped by the 100-day MA (red line) @ 0.7772.
For now, those two levels highlighted are the risk for the next upside/downside move. I reckon a break will hinge on tomorrow where we will get the release of Australia's current account balance data, retail sales data, as well as the RBA's monetary policy decision.
Eamonn had earlier posted a bunch of previews on those data points, and you can view them all here.
