AUD/USD: Australian dollar struggles to hold at 0.62797 support.

Denis Joeli Fatiaki Independent Analyst

What happened in the last 24 hrs of the trading session?

AUD/USD: The Australian dollar fought so hard to break above 0.72092 as indicated in yesterday's update; unfortunately, it is still lack of strength to break through and had been swinging from 0.72902 to 0.72697.

What is going on now?

AUD/USD: The Australian dollar seems to be struggling to break through 0.72902 as indicated in the current price action. Although it is consolidating, the pressure starts to show as the battle often slips to the downside below 0.72697. The Australian dollar currently trades at 0.72799 after bouncing at 0.72697.

My thoughts on what may happen

1. AUD/USD still need to break and hold above 0.72902 to continue to its next challenge at 0.73052 as highlighted in yesterday's update. If successful at 0.73052, then the Aussie dollar might continue to its next resistance point at 0.73208. There is no clear signal for a long position yet so; it's best to wait and assess the situation until you get confirmation to go long.

2. Current support - 0.72796, 0.72697

3. Resistance - 0.72902, 0.73052, 0.73208, 0.73300, 0.73500

4. It is a good practice to apply a stop loss to your trades to protect your capital in case the market moves against your position.

The short-term view of the price action in the 60 minutes price chart highlights the direction of the trend and the support and resistance price points

The short-term view of the price action in the four-hour price chart highlights the direction of the trend and the support and resistance price points

Author

Denis Joeli Fatiaki

Independent Analyst

Denis Joeli Fatiaki possesses over a decade of extensive experience as a multi-asset trader and Market Strategist.

EUR/USD looks offered below 1.1900

EUR/USD keeps its bearish tone unchanged ahead of the opening bell in Asia, returning to the sub-1.1900 region following a firmer tone in the US Dollar. Indeed, the pair reverses two consecutive daily gains amid steady caution ahead of Wednesday’s key US Nonfarm Payrolls release.

GBP/USD slips back to daily lows near 1.3640

GBP/USD drops to daily lows near 1.3640 as sellers push harder and the Greenback extends its rebound in the latter part of Tuesday’s session. Looking ahead, the combination of key US releases, including NFP and CPI, alongside important UK data, should keep the pound firmly in focus over the coming days.

Gold the battle of wills continues with bulls not ready to give up

Gold remains on the defensive and approaches the key $5,000 region per troy ounce on Tuesday, giving back part of its recent two day. The precious metal’s pullback unfolds against a firmer tone in the US Dollar, declining US Treasury yields and steady caution ahead of upcoming key US data releases.

Bitcoin's downtrend caused by ETF redemptions and AI rotation: Wintermute

Bitcoin's (BTC) fall from grace since the October 10 leverage flush has been spearheaded by sustained ETF outflows and a rotation into the AI narrative, according to Wintermute.

Dollar drops and stocks rally: The week of reckoning for US economic data

Following a sizeable move lower in US technology Stocks last week, we have witnessed a meaningful recovery unfold. The USD Index is in a concerning position; the monthly price continues to hold the south channel support.

XRP holds $1.40 amid ETF inflows and stable derivatives market

Ripple trades under pressure, with immediate support at $1.40 holding at the time of writing on Tuesday. A recovery attempt from last week’s sell-off to $1.12 stalled at $1.54 on Friday, leading to limited price action between the current support and the resistance.