AUD/USD: modestly bullish ahead of Wall Street

Valeria Bednarik FXStreet

AUD/USD Current price: 0.7573

The AUD/USD pair traded as high as 0.7590 at the beginning of the day, backed by broad dollar's weakness, but the pair changed course early Europe, dragged lower by a falling gold prices, meeting short term buying interest around 0.7560. The pair trades around the 23.6% retracement of its latest bullish run ahead of the release of US data and Wall Street's opening, maintaining a positive short term stance according to the 4 hours chart, given that the price is above a now flat 20 SMA, whilst technical indicators managed to bounce from their mid-lines, with limited upward momentum at the time being.

Get Forex Headlines by Email

The hottest stories of the currency markets in your inbox

Given the strong momentum in equities, the risk of a downward move seems now limited, albeit upcoming gains will depend on Wall Street's behavior and the ability of the pair to surpass the 0.7600 figure.

Support levels: 0.7530 0.7470 0.7425

Resistance levels: 0.7600 0.7635 0.7670

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 keeps the rangebound trade near 1.1850

EUR/USD is still under pressure, drifting back towards the 1.1850 area as Monday’s session draws to a close. The modest decline in spot comes as the US Dollar picks up a bit of support, while thin liquidity and muted volatility, thanks to the US market holiday, are exaggerating price swings and keeping trading conditions choppy.

GBP/USD flirts with daily lows near 1.3630

GBP/USD has quickly given back Friday’s solid gains, turning lower at the start of the week and drifting back towards the 1.3630 area. The focus now shifts squarely to Tuesday’s UK labour market report, which is likely to keep the quid firmly in the spotlight and could set the tone for Cable’s next move.

Gold battle around $5,000 continues

Gold is giving back part of Friday’s sharp rebound, deflating below the key $5,000 mark per troy ounce as the new week gets underway. Modest gains in the US Dollar are keeping the metal in check, while thin trading conditions, due to the Presidents Day holiday in the US, are adding to the choppy and hesitant tone across markets.

AI Crypto Update: Bittensor eyes breakout as AI tokens falter

The artificial intelligence (AI) cryptocurrency segment is witnessing heightened volatility, with top tokens such as Near Protocol (NEAR) struggling to gain traction amid the persistent decline in January and February.

The week ahead: Key inflation readings and why the AI trade could be overdone

It is likely to be a quiet start to the week, with US markets closed on Monday for Presidents Day. European markets are higher across the board and gold is clinging to the $5,000 level after the tamer than expected CPI report in the US reduced haven flows to precious metals.

XRP steadies in narrow range as fund inflows, futures interest rise

Ripple is trading in a narrow range between $1.45 (immediate support) and $1.50 (resistance) at the time of writing on Monday. The remittance token extended its recovery last week, peaking at $1.67 on Sunday from the weekly open at $1.43.