AUD/USD Analysis: at fresh multi-month highs, heading toward 0.7100

Valeria Bednarik FXStreet

AUD/USD Current Price: 0.7067

Aussie soared on Wall Street’s U-turn, enthusiasm to persists.
Australian employment data showed a substantial increase in full-time jobs.
The dollar sold-off following dovish comments from Fed’s Williams.

The AUD/USD pair is trading in positive ground by the end of the day, with the Aussie finding support in local employment data. Despite the Australian Bureau of Statistics reported just a net 500 jobs were created in June, the fact that full-time positions increased by 21.1K while part-time ones decreased by 20.6K was read as positive by market’s players. The unemployment rate in the same month remained steady at 5.2%. The Aussie remained afloat throughput the day, as market players stayed away from the greenback, soaring to fresh multi-month highs on revived speculation about aggressive rate cuts in the US. After extending its decline, Wall Street trimmed daily losses with the major indexes entering positive ground for the first time in three days. There won’t be relevant macroeconomic releases in Australia this Friday.

AUD/USD short-term technical outlook

The AUD/USD pair is trading at levels last seen at the end of April, bullish in the short term as it accelerated north after spending the day consolidating above all of its moving averages, now far above the 20 SMA which provides a dynamic support around 0.7030. Technical indicators in the mentioned chart have accelerated their advances with the RSI currently at overbought levels. Nevertheless, the pair is set to extend its advance toward the 0.7100 price zone, with the next relevant resistance beyond this last being the 0.7130/40 region.

Support levels: 0.6995 0.6950 0.6915

Resistance levels: 0.7050 0.7095 0.7135

View Live Chart for the AUD/USD

Author

Valeria Bednarik

FXStreet

Valeria Bednarik was born and lives in Buenos Aires, Argentina. Her passion for math and numbers pushed her into studying economics in her younger years.

EUR/USD clings to strong gains above 1.1850 on USD weakness

EUR/USD preserves its bullish momentum to start the week and trades above 1.1850. The US Dollar struggles to find demand ahead of Wednesday's critical January employment report and helps the pair continue to push higher.

GBP/USD hovers near 1.3600 as UK government crisis weighs on Pound Sterling

GBP/USD moves sideways after registering modest gains in the previous session, trading around 1.3610 during the European hours on Monday. The pair could come under pressure as the Pound Sterling may weaken amid a fresh government crisis in the United Kingdom.

Gold holds steady above $5,000

Gold builds on the gains it posted to end the previous week and holds steady above $5,000 on Monday. Data released over the weekend showed that the People's Bank of China extended its Gold buying spree for a 15th month in January. Moreover, dovish US Fed expectations and concerns about the central bank's independence drag the US Dollar lower for the second straight day, providing an additional boost to the non-yielding yellow metal.

Crypto Today: Bitcoin steadies around $70,000, Ethereum and XRP remain under pressure

Bitcoin hovers around $70,000, up near 15% from last week's low of $60,000 despite low retail demand. Ethereum delicately holds $2,000 support as weak technicals weigh amid declining futures Open Interest. XRP seeks support above $1.40 after facing rejection at $1.54 during the previous week's sharp rebound.

Japanese PM Takaichi nabs unprecedented victory – US data eyed this week

I do not think I would be exaggerating to say that Japanese Prime Minister Sanae Takaichi’s snap general election gamble paid off over the weekend – and then some. This secured the Liberal Democratic Party (LDP) an unprecedented mandate just three months into her tenure.

Bitcoin, Ethereum and Ripple consolidate after massive sell-off

Bitcoin, Ethereum, and Ripple prices consolidated on Monday after correcting by nearly 9%, 8%, and 10% in the previous week, respectively. BTC is hovering around $70,000, while ETH and XRP are facing rejection at key levels. Traders should be cautious: despite recent stabilization, upside recovery for these top three cryptocurrencies is capped as the broader trend remains bearish.