Some intraday sellers enter the AUD/USD pair near the 0.6700 mark, which is also above a five-month high that was reached during the Asian session on Monday. The pair has fallen to a new daily low within the last hour. Spot prices fluctuate in the vicinity of 0.6660, falling by only about 0.10% on the day.

On Friday, the Australian Dollar is trading higher around 0.6610. The imminent obstacle seems to be the critical level situated at 0.6650, closely followed by the peak of November at 0.6676. Should the pair effectively exceed this threshold, it might establish a path towards the significant resistance located at the psychological level of 0.6700, and subsequently, the August high at 0.6723. In contrast, a critical support zone is located in the vicinity of 0.6600 on the downside, which corresponds to the seven-day Exponential Moving Average (EMA) at 0.6599. The major level is located at 0.6550, and a distinct breach below the EMA could direct the pair towards support near the 23.6% Fibonacci retracement level at 0.6580.

The Australian Dollar (AUD) is facing challenges in reversing intraday gains from Friday, which have resulted in a two-day losing trend. The most recent Reuters poll revealed that 28 of 30 economists anticipate the Reserve Bank of Australia (RBA) to maintain the cash rate at its current level on December 5. This creates difficulties for the AUD/USD pair.

Twenty-nine percent of economists surveyed anticipate that the RBA will maintain interest rates unchanged through March of the following year. By that time, the remaining economists surveyed anticipate a minimum rate increase of 0.25%. Nevertheless, the strengthening of the US Dollar exerted some strain on the AUD/USD pair. In addition, poor Chinese data released on Thursday impacted market sentiment negatively, resulting in a depreciation of the Australian Dollar (AUD).

The Judo Bank Manufacturing PMI for November in Australia recorded a marginal decline from the previous reading of 48.2 to 47.7, which was in line with expectations. November saw a 10.5% decline in the RBA Commodity Index SDR (YoY), compared to the previous decline of 16.8%.

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In November, the Caixin Manufacturing PMI for China exhibited a remarkable improvement to 50.7, surpassing the expected decrease to 49.8 from the previous reading of 49.5. The unexpectedly positive outcome of the data may offer assistance and fortify the Australian Dollar, considering the interdependent economic relations that exist between Australia and China.

The yield on US Treasury bonds marginally increased on Thursday, with the 2-year and 10-year yields reaching 4.73% and 4.36%, respectively, which pushed the US Dollar Index (DXY) higher. Additional support for the Greenback could have been derived from economic data originating from the United States (US).

The US Core Personal Consumption Expenditures Price Index (PCE) decreased from 3.7% to 3.5% year-over-year in October, which was in line with expectations. The month-over-month change in the Core PCE Price Index was reduced from 0.3% to 0.2%. Furthermore, for the week concluding November 24, Initial Jobless Claims amounted to 218K, which was marginally lower than the expected 220K but higher than the previously revised figures of 211K (which were revised from 209K).


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