AUD/USD fails to sustain the bounce above 0.7200

Resurgent US dollar demand, negative oil prices keep the bounce limited.
Focus on the Fedspeaks, USD dynamics and China data dump for fresh impetus.

Dhwani Mehta FXStreet

The USD bulls appear to have regained the poise in the European trading, breaking the AUD/USD pair lower from its consolidative phase, following the Asian bounce back above the 0.72 handle.

The Aussie jumped nearly 40-pips and hit daily tops near 0.7220 levels in Asia after the risk sentiment got a lift from the renewed optimism over the US-China trade talks, as the Chinese Vice-Premier Liu He was said to visit the US to discuss on the trade issue ahead of the meeting between the US President Trump and his Chinese counterpart Xi scheduled later this month.

However, the bulls failed to resist above the 0.72 handle, courtesy bearish technical set up and downbeat Australian NAB confidence and condition readings released earlier today. More so, a fresh buying interest seen around the US dollar across its main competitors combined with falling oil prices also dragged the spot lower, as markets await the Fedspeaks and the sentiment on the Wall Street for further momentum.

Also, in focus remains Wednesday’s Australian wage price index data and Chinese economic releases for any sustained recovery momentum in the major.

AUD/USD Technical Levels

Overview:
    Last Price: 0.7194
    Daily change: 12 pips
    Daily change: 0.167%
    Daily Open: 0.7182
Trends:
    Daily SMA20: 0.7144
    Daily SMA50: 0.716
    Daily SMA100: 0.7261
    Daily SMA200: 0.7466
Levels:
    Daily High: 0.7239
    Daily Low: 0.7181
    Weekly High: 0.7304
    Weekly Low: 0.7183
    Monthly High: 0.724
    Monthly Low: 0.702
    Daily Fibonacci 38.2%: 0.7203
    Daily Fibonacci 61.8%: 0.7217
    Daily Pivot Point S1: 0.7162
    Daily Pivot Point S2: 0.7143
    Daily Pivot Point S3: 0.7104
    Daily Pivot Point R1: 0.722
    Daily Pivot Point R2: 0.7258
    Daily Pivot Point R3: 0.7278

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 faces some resistance near 100-SMA on H4, around 1.1830 zone

The EUR/USD pair gains some follow-through positive traction for the second consecutive day and climbs to the 1.1830 region during the Asian session on Thursday. The US Dollar remains on the back foot amid concerns about the economic fallout from US President Donald Trump's erratic trade policies and acts as a tailwind for spot prices.

GBP/USD extends recovery to near 20-day EMA as US Dollar weakens

The Pound Sterling holds onto weekly gains around 1.3565 against the US Dollar during the Asian trading session on Thursday. The GBP/USD pair trades firmly as the US Dollar remains under pressure due to uncertainty surrounding the United States trade policy outlook.

Gold struggle with $5,200 extends ahead of more US-Iran talks

Gold is replicating the recovery moves seen in Wednesday’s Asian trading early Thursday, as buyers continue to flirt with the $5,200 level. Sustained US Dollar weakness and looming US-Iran talks aid the bright metal’s rebound.

Stellar: Relief bounce fades as bearish undertone persists

Stellar is trading around $0.16 at the time of writing on Thursday after rebounding more than 8% in the previous day. Derivatives data paints a negative picture as XLM’s short bets hit a monthly high while Open Interest continues to decline.

Nvidia delivers another monster earnings report, and forecasts big things to come

It was another monster earnings report from Nvidia for fiscal Q4. Revenues were $68.1bn, smashing estimates of $65bn. Gross profit margin was a healthy 75%, up from 73.5% in the prior quarter, and the outlook for this quarter was monstrous.

Solana strikes key resistance with double-digit gains

Solana trades at $88 at press time on Thursday, after an 11% upswing the previous day within a broader consolidation range of roughly three weeks. Institutional demand for Solana heightens as US spot SOL Exchange Traded Funds record $30 million of inflow on Wednesday.