AUD/USD analysis: positive, but close to 0.7700 barrier

Valeria Bednarik FXStreet

AUD/USD Current price: 0.7670

The AUD/USD pair extended its recovery, up for a second consecutive day and settling a couple of pips below the daily high of 0.7673, backed by a continued recovery in copper prices, as the commodity advanced up to $2.676, a fresh 1-week high, after plummeting at the beginning of the week to 2.564. There were no major releases in Australia, and there's only one housing sales index scheduled for the upcoming Asian session, which means that the pair will likely continue responding to stocks and base metals. From a technical point of view, the 4 hours chart shows that the pair is favored towards the upside, but also that the upward momentum is limited, as the price has settled above a modestly bullish 20 SMA, while technical indicators aim modestly higher within positive territory, but with tepid upward slopes. Further gains beyond 0.7700 should result in a test of the recent highs in the 0.7740/50 region, although investors will likely rush to take profits out of the table on any spike beyond the 0.7700 level.

Support levels: 0.7640 0.7600 0.7570

Resistance levels: 0.7710 0.7750 0.7785

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 holds firm near 1.1850 amid USD weakness

EUR/USD remains strongly bid around 1.1850 in European trading on Monday. The USD/JPY slide-led broad US Dollar weakness helps the pair build on Friday's recovery ahead of the Eurozone Sentix Investor Confidence data for February.

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 remains supported by China's buying and USD weakness as traders eye US data

Gold struggles to capitalize on its intraday move up and remains below the $5,100 mark heading into the European session amid mixed cues. Data released over the weekend showed that the People's Bank of China extended its 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.

Cardano steadies as whale selling caps recovery

Cardano (ADA) steadies at $0.27 at the time of writing on Monday after slipping more than 5% in the previous week. On-chain data indicate a bearish trend, with certain whales offloading ADA. However, the technical outlook suggests bearish momentum is weakening, raising the possibility of a short-term relief rebound if buying interest picks up.

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.