AUD/USD extends the bounce above 0.7750 as USD bulls take a breather

AUD/USD benefits from a pause in the US dollar’s rebound.
Treasury yields hold firmer on Biden’s $2 trillion stimulus plan.
Further upside depends on the US data, Powell and Biden’s speech.

Dhwani Mehta FXStreet

AUD/USD has caught a fresh bid-wave in the last hours, now extending the bounce above 0.7750 amid a pause in the US dollar rebound, as markets await fresh trading impetus.

In Thursday’s Asian trading, President-elect Joe Biden’s expected stimulus of about $2 trillion saved the day for the Treasury yields, as they rebounded sharply and drove the US dollar higher alongside.

The fresh burst of bids in the greenback downed the AUD/USD pair to near 0.7730 before the bulls fought back control amid the uptick in the S&P 500 futures and Asian equities. Further, better-than-expected Chinese Trade Balance data also aided the recovery in the aussie.

Heading into the European session, the US dollar bulls take a breather, as the dust settles in the aftermath of Biden’s likely bigger stimulus plan while the focus shifts towards the weekly US employment data and the Fed Chairman Jerome Powell’s speech.

Amid the recent chatter about reducing the Fed’s bond-buying, Powell’s comments could draw significant attention. However, Biden’s speech due at 0015 GMT on Friday will hold the key for fresh direction on the prices.

AUD/USD technical levels

AUD/USD

Overview
Today last price	0.7762
Today Daily Change	0.0024
Today Daily Change %	0.31
Today daily open	0.7737

Trends
Daily SMA20	0.7668
Daily SMA50	0.749
Daily SMA100	0.7336
Daily SMA200	0.7078

Levels
Previous Daily High	0.7782
Previous Daily Low	0.7722
Previous Weekly High	0.782
Previous Weekly Low	0.7642
Previous Monthly High	0.7743
Previous Monthly Low	0.7338
Daily Fibonacci 38.2%	0.7745
Daily Fibonacci 61.8%	0.7759
Daily Pivot Point S1	0.7712
Daily Pivot Point S2	0.7686
Daily Pivot Point S3	0.7651
Daily Pivot Point R1	0.7772
Daily Pivot Point R2	0.7807
Daily Pivot Point R3	0.7833

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

EUR/USD ticks higher to near 1.1800 ahead of German inflation data

EUR/USD trades marginally higher to near 1.1800 in the European session on Friday, helped by renewed US Dollar weakness. Attention now turns toward the release of the preliminary inflation data for February from Germany and its major states during the day.

GBP/USD struggles near 1.3500 amid UK political drama, BoE easing bias

GBP/USD struggles to build on the overnight modest bounce from the weekly low and oscillates in a narrow band near 1.3500 in European trading on Friday. The Gorton and Denton by-election, held on February 26, has become a focal point of political drama in the UK, along with the Bank of England (BoE) easing expectations, acts as a headwind for the British Pound and the GBP/USD pair.

Gold sticks to positive bias as safe-haven demand persists; $5,200 holds the key for bulls

Gold trades with positive bias for the third straight day on Friday, with bulls still awaiting sustained strength and acceptance above the $5,200 mark before positioning for any further gains. Geopolitical risks remain in play amid a large US naval and air power buildup in the Middle East.

Bitcoin, Ethereum and Ripple consolidate with short-term cautious bullish bias

Bitcoin, Ethereum and Ripple are consolidating near key technical areas on Friday, showing mild signs of stabilization after recent volatility. BTC holds above $67,000 despite mild losses so far this week, while ETH hovers around $2,000 after a rejection near its upper consolidation boundary.

Changing the game: International implications of recent tariff developments

The Supreme Court ruling on International Emergency Economic Powers Act (IEEPA) tariffs provides limited relief for the rest of the world, with weighted average tariff rates modestly lower.

Starknet unveils strkBTC, shielded Bitcoin transactions on Ethereum Layer 2

Starknet, the Ethereum Layer 2 network developed by StarkWare, today announced strkBTC, a wrapped Bitcoin asset that introduces optional shielding while preserving full DeFi composability.