AUD/USD technical analysis: the pair is currently correcting higher

FXOpen Broker Team FXOpen

The Aussie dollar faced a strong resistance near the 0.7200 area and recently traded lower against the US Dollar. The AUD/USD pair broke the 0.7185 and 0.7160 support levels to enter a negative zone.

More importantly, there was a close below the 0.7160 level and the 50 hourly simple moving average. The pair traded as low as 0.7136 on FXOpen UK and it is currently correcting higher.

On the upside, there is a major resistance formed near 0.7160 and the 50% Fib retracement level of the recent decline from the 0.7188 high to 0.7136 low. Besides, there is a key bearish trend line in place with resistance near 0.7165 on the hourly chart.

Therefore, if the pair corrects higher, it is likely to face a strong resistance near the 0.7160 and 0.7165 levels. On the downside, a break below 0.7140 and 0.7130 may push the pair towards 0.7100.

Author

FXOpen Broker Team

FXOpen

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.