AUD/USD dips below 50-DMA after 9 days

Omkar Godbole FXStreet Contributor

AUD/USD dipped below 50-DMA support in Asia for the first time in 9 days, even though commodity prices stabilized in overnight trade.

The currency pair traded at a session low of 0.7611 at the time of writing.

The weakness in the Aussie dollar seen this Friday morning goes unexplained. Moreover, Trump failed to get the health bill passed and that was a USD negative story. Speculation is rife that the bill may not be passed even today.

On the other hand, commodities stabilized with iron ore up 1.6%, aluminium 0.5% and copper, 0.3%.” Thus, the Aussie should have performed better. The tables may turn in Europe if the commodities remain resilient.

AUD/USD Technical Levels

Breakdown of support at 0.7604 (23.6% of 0.7160-0.7741) would expose 0.7580 (Mar 14 high) under which the losses could be extended to 0.7545 (200-DMA). On the other hand, a break above 0.7620 (50-DMA) could yield a revisit to 0.7654 (10-DMA) and 0.7690 (Mar 22 high).

	TREND INDEX	OB/OS INDEX	VOLATILY INDEX
15M	Bullish	Neutral	Expanding
1H	Strongly Bearish	Neutral	Low
4H	Bearish	Neutral	Low
1D	Bearish	Neutral	High
1W	Bullish	Neutral	Expanding
Updated Mar 24, 00:15 GMT

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

EUR/USD off highs, back to around 1.1900

EUR/USD keeps its strong bid bias in place despite recedeing to the 1.1900 zone following earlier peaks north of 1.1900 the figure on Monday. The US Dollar remains under pressure, as traders stay on the sidelines ahead of Wednesday’s key January jobs report, leaving the pair room to extend its upward trend for now.

GBP/USD hits three-day peaks, targets 1.3700

GBP/USD is clocking decent gains at the start of the week, advancing to three-day highs near 1.3670 and building on Friday’s solid performance. The better tone in the British Pound comes on the back of the intense sekk-off in the Greenback and despite re-emerging signs of a fresh government crisis in the UK.

Gold picks up pace, retargets $5,100

Gold gathers fresh steam, challenging daily highs en route to the $5,100 mark per troy ounce in the latter part of Monday’s session. The precious metal finds support from fresh signs of continued buying by the PBoC, while expectations that the Fed could lean more dovish also collaborate with the uptick.

Crypto Today: Bitcoin steadies around $70,000, Ethereum and XRP remain under pressure

Bitcoin hovers around $70,000, up near 15% from last week's low of $60,000 despite low retail demand. Ethereum delicately holds $2,000 support as weak technicals weigh amid declining futures Open Interest. XRP seeks support above $1.40 after facing rejection at $1.54 during the previous week's sharp rebound.

Japanese PM Takaichi nabs unprecedented victory – US data eyed this week

I do not think I would be exaggerating to say that Japanese Prime Minister Sanae Takaichi’s snap general election gamble paid off over the weekend – and then some. This secured the Liberal Democratic Party (LDP) an unprecedented mandate just three months into her tenure.

Ripple exposed to volatility amid low retail interest, modest fund inflows

Ripple (XRP) is extending its intraday decline to around $1.40 at the time of writing on Monday amid growing pressure from the retail market and risk-off sentiment that continues to keep investors on the sidelines.