AUD/USD darting back towards 0.7500 mark

Haresh Menghani FXStreet

The AUD/USD pair was seen building on to its recovery momentum and is now fast approaching 0.7500 psychological mark.

Currently trading around 0.7485 level, the pair has now reversed all of its minor losses recorded in the previous session, in wake of ECB decision-led renewed greenback strength. Earlier on Friday, the pair shrugged of upbeat Chinese CPI data and extended Thursday's rejection move from three-week high.

Having posted a session low near 0.7440 region, the pair caught fresh bids as upbeat sentiment around commodity market, especially Copper, was seen lending support to commodity-linked currencies - like the Aussie.

Being Australia's biggest trading partner, Chinese economic data would continue to influence the Australian Dollar and focus now shifts to next week's important macro releases from the world's second largest economy, scheduled during early Asian session on Tuesday ahead of the much awaited Fed monetary policy decision on Wednesday.

In the meantime, Prelim UoM US Consumer Sentiment would be looked upon for short-term trading opportunities during NA session on Friday.

Technical levels to watch

A convincing strength above 0.7500 mark, leading to a momentum above 0.7508 (yesterday's three week high), should continue boosting the pair further towards the very important 200-daySMA resistance near 0.7530 region. On the downside, renewed weakness below 0.7465-60 immediate support might now drag the pair, below session low support near 0.7440 level, towards testing weekly lows support near 0.7415-10 region ahead of 0.7400 round figure mark.

1. R3 0.7585
2. R2 0.7547
3. R1 0.7503
PP 0.7466
1. S1 0.7422
2. S2 0.7384
3. S3 0.7340

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 hovers around nine-day EMA above 1.1800

EUR/USD remains in the positive territory after registering modest gains in the previous session, trading around 1.1820 during the Asian hours on Monday. The 14-day Relative Strength Index momentum indicator at 54 is edging higher, signaling improving momentum. RSI near mid-50s keeps momentum balanced. A sustained push above 60 would firm bullish control.

GBP/USD holds medium-term bullish bias above 1.3600

The GBP/USD pair trades on a softer note around 1.3605 during the early European session on Monday. Growing expectation of the Bank of England’s interest-rate cut weighs on the Pound Sterling against the Greenback.

Gold sticks to gains above $5,000 as China's buying and Fed rate-cut bets drive demand

Gold surges past the $5,000 psychological mark during the Asian session on Monday in reaction to the weekend data, showing that the People's Bank of China extended its buying spree for a 15th month in January. Moreover, dovish US Federal Reserve expectations and concerns about the central bank's independence drag the US Dollar lower for the second straight day, providing an additional boost to the non-yielding yellow metal.

Bitcoin, Ethereum and Ripple consolidate after massive sell-off

Weekly column: Saturn-Neptune and the end of the Dollar’s 15-year bull cycle

Tariffs are not only inflationary for a nation but also risk undermining the trust and credibility that go hand in hand with the responsibility of being the leading nation in the free world and controlling the world’s reserve currency.

Bitcoin, Ethereum and Ripple consolidate after massive sell-off

Bitcoin, Ethereum, and Ripple prices consolidated on Monday after correcting by nearly 9%, 8%, and 10% in the previous week, respectively. BTC is hovering around $70,000, while ETH and XRP are facing rejection at key levels. Traders should be cautious: despite recent stabilization, upside recovery for these top three cryptocurrencies is capped as the broader trend remains bearish.