AUD/USD analysis: holding at lows, bearish

Valeria Bednarik FXStreet

AUD/USD Current price: 0.7549

RBA meeting Minutes and Governor Lowe speech up next.
Plummeting gold prices weigh on Aussie, down despite better market mood.

The AUD/USD pair closed lower for a fourth consecutive day around 0.7550, having traded within a 30 pips´ range on Monday, amid the absence of macroeconomic news, and mixed hints from correlated markets. The sharp recovery in equities should have backed an AUD recovery, but the poor performance of base metals, with gold almost $20.00 lower on the day, capped the recovery. The bearish dominant trend, also had its say on the pair which remained at the lower end of Friday's range. The Reserve Bank of Australia will release the minutes of its latest meeting during the upcoming Asian session, while Governor Lowe is set to speak later on the day. However, no big revelations are expected on monetary policy. From a technical point of view, the short-term picture is bearish as an early attempt to advance was contained by a bearish 20 SMA, currently around 0.7570, while technical indicators turned lower within negative territory, although with limited momentum. The pair would need to break below 0.7535, last week's and a multi-month low to gain further traction downward, eyeing then 0.7450 for this Tuesday.

Support levels: 0.7535 0.7490 0.7450

Resistance levels: 0.7570 0.7620 0.7660

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.