AUD can fall towards 0.6360/0.6340 – BBH

FXStreet Insights Team FXStreet

AUD/USD has formed an interim trough near 0.6440 last week and has staged an initial bounce, BBH analyst note.

Recent pivot high at 0.6630/0.6685 is key resistance zone

“Daily MACD is attempting cross above its trigger line denoting receding downward momentum. Ongoing bounce could persist towards upper band of a steep descending channel at 0.6590.”

“The 200-DMA and recent pivot high at 0.6630/0.6685 is key resistance zone. In case the pair fails to hold 0.6440, the decline could extend towards ascending trend line drawn since October 2023 near 0.6360/0.6340.”

Author

FXStreet Insights Team

FXStreet

The FXStreet Insights Team is a group of journalists that handpicks selected market observations published by renowned experts. The content includes notes by commercial as well as additional insights by internal and external analysts.

EUR/USD makes a U-turn, focus on 1.1900

EUR/USD’s recovery picks up further pace, prompting the pair to retarget the key 1.1900 barrier amid further loss of momentum in the US Dollar on Wednesday. Moving forward, investors are expected to remain focused on upcoming labour market figures and the always relevant US CPI prints on Thursday and Friday, respectively.

GBP/USD sticks to the bullish tone near 1.3660

GBP/USD maintains its solid performance on Wednesday, hovering around the 1.3660 zone as the Greenback surrenders its post-NFP bounce. Cable, in the meantime, should now shift its attention to key UK data due on Thursday, including preliminary GDP gauges.

Gold holds on to higher ground ahead of the next catalyst

Gold keeps the bid tone well in place on Wednesday, retargeting the $5,100 zone per troy ounce on the back of modest losses in the US Dollar and despite firm US Treasury yields across the curve. Moving forward, the yellow metal’s next test will come from the release of US CPI figures on Friday.