AUD/USD rebounds from weekly lows back above 0.6700
The AUD/USD pair rebounded from its weekly lows and is currently trading above 0.6700. The US Dollar Index is down 0.10%, driven by a rebound in EUR/USD and a decline in USD/JPY. The commodity currencies block is falling on Friday. The preliminary April US S&P Global PMI will be released at 13:45 GMT, and market participants are looking for clues about the economic outlook. The April PMI from Australia showed a lower Manufacturing Index at 48.1 compared to March’s 49.1, while the Service Index increased to 52.6, the highest reading since June 2022.
In terms of short-term outlook, if the AUD/USD pair consolidates below 0.6680, the outlook would weaken for the Aussie. On the upside, the pair needs to rise and hold above 0.6750 to strengthen its outlook. The next resistance area stands at 0.6775, with the last defense at 0.6800.