AUD/USD analysis: steady around 0.7900, downside scope limited

Valeria Bednarik FXStreet

AUD/USD Current price: 0.7903

The AUD/pair settled around 0.7900 and at the lower end of its daily range, undermined by dollar's demand at the beginning of the day, later weighed by positive US data. The Australian macroeconomic calendar has little to offer this week, leaving investors unmotivated to buy the currency, moreover as the RBA signaled that rates normalization is still a long call. Easing gold prices, as speculative interest dump the metal in search of higher yielding assets, also weighed on the Aussie. Heading into the Asian session, the pair remains within a familiar range, and with no clear directional strength, as in the 4 hours chart, the price settled a few pips below a horizontal 20 SMA, whilst technical indicators head lower, but within neutral territory. The pair has scope to extend its decline only on a break below 0.7869, Friday's low, although given market's negative sentiment towards the greenback, a bearish movement is not expected to extend beyond 0.7807, this month low.

Support levels: 0.7870 0.7840 0.7805

Resistance levels: 0.7930 0.7965 0.8000

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.