AUD/USD at fresh multi-week tops, now eyeing yearly high

Haresh Menghani FXStreet

The AUD/USD pair was building on last week's strong gains and extended its up-move further beyond the 0.7700 handle to fresh four week tops.

Currently trading around 0.7725-30 band, testing session highs, persistent bearish sentiment surrounding the greenback, with the US Dollar Index hitting the lowest level in over five weeks, helped the pair to maintain strong bid tone for third session in the previous four. Moreover, weaker US treasury bond yields were seen lending additional support to higher-yielding currencies - like the Aussie.

However, a weaker trading sentiment around copper prices has failed to provide additional bullish impetus and capped the pair just below yearly highs resistance near 0.7740 level touched on Feb. 23.

With an empty US economic docket, speech from the FOMC member Evans would grab all the spotlight and would provide some impetus during NA trading session ahead of the US President Donald Trump's speech and RBA meeting minutes during early Asian trading session on Tuesday.

Technical levels to watch

Momentum above yearly highs resistance near 0.7740 level now seems to boost the pair beyond Nov. 2016 highs resistance near 0.7770-80 region towards reclaiming the 0.7800 handle for the first time since April 2016.

On the downside, retracement back below 0.7700 round figure mark is likely to accelerate the slide back towards 0.7665 support area ahead of 0.7620-10 important support.

1 Week
1 Month
1 Quarter

1 Week

Avg Forecast 0.7722

50% Bullish
20% Bearish
30% Sideways

Bias Bullish

1 Month

Avg Forecast 0.7588

20% Bullish
65% Bearish
15% Sideways

Bias Bearish

1 Quarter

Avg Forecast 0.7503

10% Bullish
70% Bearish
20% Sideways

Bias Bearish

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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.