AUD/USD clings to gains near session tops, around 0.6880 region
- AUD/USD gains some positive traction on upbeat Aussie macro data.
- The prevailing risk-on mood, trade optimism remains supportive.
- Further gains are likely to remain limited ahead of US jobs report.
The AUD/USD pair added to upbeat Aussie macro data-led intraday gains and is currently placed near the top end of a three-day-old trading range, around the 0.6880 region.
Having found some support near mid-0.6800s, the pair managed to catch some bids on the last trading day of the week following the release of better-than-expected Australian retail sales data for November.
A combination of factors underpinned the aussie
In fact, consumer spending, as represented by retail sales, grew 0.9% in November, beating the forecast for a 0.4% rise by a big margin and up from the previous month's upwardly revised reading of 0.1%.
This coupled with the prevalent risk-on mood, amid the de-escalation of geopolitical tensions in the Middle East and optimism over the US-China phase-one trade deal remained supportive of the move.
Further gains, however, are likely to remain limited as investors are likely to refrain from placing any aggressive bets ahead of the closely watched US monthly jobs report, popularly known as NFP.
The very important US employment details will play a key role in influencing the near-term US dollar price dynamics and eventually help determine the pair's next leg of a directional move.
Technical levels to watch