The Australian dollar holds firm tone on Wednesday, supported by upbeat Chinese IP data (Feb IP 7.2% vs 6.3% f/c and Jan 6.2%).
Fresh strength probes again above cracked Fibo 61.8% of 0.7988/0.7712 descend (0.7882) and pressures 55SMA (0.7888) and Tuesday’s high at 0.7897, where bulls were rejected.
Daily techs hold bullish momentum, which is supportive for further advance, however, close above Fibo barrier and 55SMA is needed for bullish signal to extend recovery rally from 0.7712 and expose key barrier at 0.7973 (daily cloud top).
Weaker dollar on fresh political turmoil in the US keeps the Aussie supported, but fears about US tariff plan could obstruct bulls.
Caution on repeated failure to break above 55SMA, while stronger bearish signal could be expected on break below 30SMA (0.7850) and 20SMA (0.7835).
Res: 0.7897; 0.7923; 0.7973; 0.7988
Sup: 0.7882; 0.7850; 0.7835; 0.7817
Interested in AUDUSD technicals? Check out the key levels
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.
Recommended Content
Editors’ Picks
USD/JPY jumps above 156.00 on BoJ's steady policy
USD/JPY has come under intense buying pressure, surging past 156.00 after the Bank of Japan kept the key rate unchanged but tweaked its policy statement. The BoJ maintained its fiscal year 2024 and 2025 inflation forecast, disappointing the Japanese Yen buyers.
AUD/USD consolidates gains above 0.6500 after Australian PPI data
AUD/USD is consolidating gains above 0.6500 in Asian trading on Friday. The pair capitalizes on an annual increase in Australian PPI data. Meanwhile, a softer US Dollar and improving market mood also underpin the Aussie ahead of the US PCE inflation data.
Gold price keeps its range around $2,330, awaits US PCE data
Gold price is consolidating Thursday's rebound early Friday. Gold price jumped after US GDP figures for the first quarter of 2024 missed estimates, increasing speculation that the Fed could lower borrowing costs. Focus shifts to US PCE inflation on Friday.
Stripe looks to bring back crypto payments as stablecoin market cap hits all-time high
Stripe announced on Thursday that it would add support for USDC stablecoin, as the stablecoin market exploded in March, according to reports by Cryptocompare.
US economy: Slower growth with stronger inflation
The US Dollar strengthened, and stocks fell after statistical data from the US. The focus was on the preliminary estimate of GDP for the first quarter. Annualised quarterly growth came in at just 1.6%, down from the 2.5% and 3.4% previously forecast.