AUD/USD analysis: easing from sub-0.7890

Valeria Bednarik FXStreet

AUD/USD Current price: 0.7853

Aussie buyers giving up, hurt by easing equities.
AUD NAB's business indexes hit multi-month highs.

The AUD/USD pair traded as high as 0.7876 but was unable to hold on to gains amid falling oil prices and equities. From the mentioned high, the pair fell down to 0.7827, to later bounce on broad dollar's weakness, settling by the end of the day around 0.7850, little changed from Monday's close. The early rally was backed by solid data coming from the country, as the NAB's Business Confidence index surged to 12 in January, its highest in nine months, while the Business Conditions index, surged to 19 from a previous 13, both well above market's expectations and reflecting an improved economic outlook. China's figures, despite less relevant, were also positive, with M2 Money Supply up in January 8.6%, and New Loans totaling 2,900 billion from the previous 584B. There won't be relevant releases this Wednesday coming from Australia. Technically, the 4 hours chart indicates decreasing buying interest, as the intraday advance stalled below the 0.7890 Fibonacci resistance, with the 200 EMA converging with it. In the same chart, technical indicators eased within positive territory, supporting some further slides ahead. The 20 SMA, however, maintains its bullish slope, heading higher around 0.7820.

Support levels: 0.7820 0.7790 0.7755

Resistance levels: 0.7850 0.7890 0.7920

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.