AUD/USD Forecast: Rally could continue

Valeria Bednarik FXStreet

AUD/USD Current Price: 0.6331

Aussie underpinned by soaring gold prices and substantial Wall Street’s gains.
China will publish March inflation and money figures during the upcoming session.
AUD/USD at one-month highs could extend its gains beyond 0.6400.

The AUD/USD pair soared to 0.6362, its highest in almost a month, retreating toward the 0.6320 ahead of the Asian opening. The Aussie was underpinned by rallying equities, but also by gold, as the bright metal run to $1.690.23 a troy ounce, its highest since early March. Despite the coronavirus pandemic numbers continue to be discouraging, market players decided to resume buying high-yielding assets.

Most Asian markets will remain closed amid the Good Friday Holiday, although China is scheduled to publish some March data. The country will release inflation for the mentioned month, seen plummeting into negative territory, and money figures.

AUD/USD short-term technical outlook

The AUD/USD pair could extend its advance during the upcoming hours, although volumes are set to decrease sharply. The 4-hour chart shows that it settled above all of its moving averages, with the 20 SMA advancing above the 100 SMA but still below the 200 SMA. The Momentum indicator is directionless within positive levels, as the RSI stabilizes in overbought levels.

Support levels: 0.6295 0.6250 0.6210

Resistance levels: 0.6365 0.6400 0.6440

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.