AUD/USD analysis: Australian GDP in focus

Valeria Bednarik FXStreet

AUD/USD Current price: 0.7546

The AUD/USD pair ended the day lower around 0.7450, with the Aussie hit at the beginning of the day by the latest RBA economic policy decision. As largely expected, the Central Bank left its cash rate target unchanged at 1.50%, but Governor Lowe introduced some changes to its previous statement, expressing his concerns over the situation of the labor market, as part-time employment remains significant. Also, he maintained a cautious approach on inflation, despite the latest inflation report surprised to the upside, up to 1.3% yearly basis. Australia will release its Q3 GDP during the upcoming session, expected to show a 2.5% growth in the three months to September, below previous 3.3%. A reading below expected, could drag the pair below the 0.7400 mark, opening doors for a retest of November's low around 0.7300. Technically, the 4 hours chart shows that the price is standing above a bearish 20 SMA, while the Momentum indicator has lost upward strength within positive territory, but the RSI indicator turned south around 47, not enough to confirm a bearish extension, but leaning the scale towards the downside.

Support: levels: 0.7410 0.7360 0.7325

Resistance levels: 0.7470 0.7510 0.7550

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 hits two-day highs near 1.1820

EUR/USD picks up pace and reaches two-day tops around 1.1820 at the end of the week. The pair’s move higher comes on the back of renewed weakness in the US Dollar amid growing talk that the Fed could deliver an interest rate cut as early as March. On the docket, the flash US Consumer Sentiment improves to 57.3 in February.

GBP/USD reclaims 1.3600 and above

GBP/USD reverses two straight days of losses, surpassing the key 1.3600 yardstick on Friday. Cable’s rebound comes as the Greenback slips away from two-week highs in response to some profit-taking mood and speculation of Fed rate cuts. In addition, hawkish comments from the BoE’s Pill are also collaborating with the quid’s improvement.

Gold climbs further, focus is back to 45,000

Gold regains upside traction and surpasses the $4,900 mark per troy ounce at the end of the week, shifting its attention to the critical $5,000 region. The move reflects a shift in risk sentiment, driving flows back towards traditional safe haven assets and supporting the yellow metal.

Crypto Today: Bitcoin, Ethereum, XRP rebound amid risk-off, $2.6 billion liquidation wave

Bitcoin edges up above $65,000 at the time of writing on Friday, as dust from the recent macro-triggered sell-off settles. The leading altcoin, Ethereum, hovers above $1,900, but resistance at $2,000 caps the upside. Meanwhile, Ripple has recorded the largest intraday jump among the three assets, up over 10% to $1.35.

Three scenarios for Japanese Yen ahead of snap election

The latest polls point to a dominant win for the ruling bloc at the upcoming Japanese snap election. The larger Sanae Takaichi’s mandate, the more investors fear faster implementation of tax cuts and spending plans.

XRP rally extends as modest ETF inflows support recovery

Ripple is accelerating its recovery, trading above $1.36 at the time of writing on Friday, as investors adjust their positions following a turbulent week in the broader crypto market. The remittance token is up over 21% from its intraday low of $1.12.