AUD/USD remains undecided near crucial technical region

AUDUSD repeatedly fails to conquer the 0.6643-0.6666 range
But outlook is positive as price holds above 50 and 200-day SMAs
Momentum indicators deteriorate but remain in positive zones

Stefanos Oikonomidis XM

AUDUSD has been in a steady advance since its bounce off the five-month low of 0.6363 in mid-April. Although the pair has been rejected at the 0.6643-0.6666 range three times so far in 2024, the bulls do not seem ready to give up.

If buying pressures persist, the price may initially test the recent rejection region of 0.6643, which also held its ground in early April. A break above that zone could set the stage for the 2024 peak of 0.6666. Even higher, the December-January resistance territory of 0.6726 could prevent further upside attempts.

On the flipside, should the pair reverse lower, the recent support of 0.6558 could act as the first line of defence. In case of a downside violation, the bears may attack the February-March support of 0.6479. Failing to halt there, the price might challenge the February bottom of 0.6441.

In brief, AUDUSD has repeatedly failed to conquer the congested 0.6643-0.6666 region, but the technical picture remains bullish as the price holds above both its 50 and 200-day simple moving averages (SMAs).

Author

Stefanos Oikonomidis

Stefanos joined XM as a Junior Investment Analyst in September 2021. He conducts daily market research on the currency, commodity and equity markets, from a fundamental and a technical perspective.

EUR/USD flirts with daily highs, retargets 1.1900

EUR/USD regains upside traction, returning to the 1.1880 zone and refocusing its attention to the key 1.1900 barrier. The pair’s slight gains comes against the backdrop of a humble decline in the US Dollar as investors continue to assess the latest US CPI readings and the potential Fed’s rate path.

GBP/USD remains well bid around 1.3650

GBP/USD maintains its upside momentum in place, hovering around daily highs near 1.3650 and setting aside part of the recent three-day drop. Cable’s improved sentiment comes on the back of the Greenback’s irresolute price action, while recent hawkish comments from the BoE’s Pill also collaborate with the uptick.

Gold clings to gains just above $5,000/oz

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 precious metal’s move higher is also underpinned by the slight pullback in the US Dollar and declining US Treasury yields across the curve.

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.