AUD/USD outlook: Aussie remains capped by 10DMA, keeping bearish bias

Slobodan Drvenica Windsor Brokers

AUD/USD

The Aussie dollar eases from one-week high on Tuesday after failing to benefit more from positive news that China slashed Covid quarantine for international travelers.

The price action fell back below 10DMA (0.6951) which caps the price since June 9 and maintains negative bias, with repeated daily close below to add to fragile near-term structure.

Daily technical studies remain in full bearish setup and keep negative outlook for retest of key supports at 0.6850/28 (June 14/May 12 lows).

The upside is expected to remain well protected by 10DMA and psychological 0.70 barriers.

Res: 0.6951; 0.7000; 0.7035; 0.7055.
Sup: 0.6907; 0.6869; 0.6850; 0.6828.

Interested in AUD/USD technicals? Check out the key levels

1. R3 0.7012
2. R2 0.6985
3. R1 0.696
PP 0.6934
1. S1 0.6909
2. S2 0.6882
3. S3 0.6857

Author

Slobodan Drvenica

Windsor Brokers

Industry veteran with over 22 years’ experience, Slobodan Drvenica joined Windsor Brokers in 1995 when he was an active trader for more than 10 years, managing the trading desk and own account departments.

EUR/USD off highs, back to 1.1850

EUR/USD loses some upside momentum, returning to the 1.1850 region amid humble losses. The pair’s slight decline comes against the backdrop of a marginal advance in the US Dollar as investors continue to assess the latest US CPI readings.

GBP/USD advances to daily tops around 1.3650

GBP/USD now manages to pick up extra pace, clinching daily highs around 1.3650 and leaving behind three consecutive daily pullbacks on Friday. Cable’s improved sentiment comes on the back of the inconclusive price action of the Greenback, while recent hawkish comments from the BoE’s Pill also collaborates with the uptick.

Gold surpasses $5,000/oz, daily highs

Gold is reclaiming part of the ground lost on Wednesday’s marked decline, as bargain-hunters keep piling up and lifting prices past the key $5,000 per troy ounce. The yellow metal’s upside is also propped up by the lack of clear direction around the US Dollar post-US CPI release.

Crypto Today: Bitcoin, Ethereum, XRP in choppy price action, weighed down by falling institutional interest

Bitcoin's upside remains largely constrained amid weak technicals and declining institutional interest. Ethereum trades sideways above $1,900 support with the upside capped below $2,000 amid ETF outflows.

Week ahead – Data blitz, Fed Minutes and RBNZ decision in the spotlight

US GDP and PCE inflation are main highlights, plus the Fed minutes. UK and Japan have busy calendars too with focus on CPI. Flash PMIs for February will also be doing the rounds. RBNZ meets, is unlikely to follow RBA’s hawkish path.

Ripple Price Forecast: XRP potential bottom could be in sight

Ripple edges up above the intraday low of $1.35 at the time of writing on Friday amid mixed price actions across the crypto market. The remittance token failed to hold support at $1.40 the previous day, reflecting risk-off sentiment amid a decline in retail and institutional sentiment.