AUD/USD refreshes intraday high above 0.6100 after RBA

AUD/USD remains positive after RBA matched wide market expectations of no change in the monetary policy.
Trade sentiment remains positive amid clues of further stimulus.
Aussie data flashed downbeat figures during early Asia, the market price in further rate cuts.
Virus updates, measures to combat the pandemic could offer fresh impetus.

Anil Panchal FXStreet

With the RBA matching the most market consensus of a no change in the current monetary policy, AUD/USD stays mildly positive to the intraday high near 0.6130 amid the early Tuesday.

Read: RBA keeps Official Cash Rate steady at 0.25%, AUD/USD little changed

Following signals of additional stimulus from the US President Donald Trump and House Speak Nancy Pelosi, policymakers from Japan and New Zealand also hinted further aid to fight against the deadly virus.

US President Trump urged China for help while also criticized Indian PM Modi for restricting a medicine’s exports.

The market’s risk-tone recovered on Monday as figures from Spain, Italy and the UK receded further from their recent tops.

That said, the US 10-year Treasury yields remain positive near 0.69% whereas Australia’s ASX 200 drops further below 5,250 as the central bank dashed hopes of additional stimulus. Even so, most markets in Asia-Pacific mark gains by the press time.

Earlier during the day, Aussie trade balance and ANZ Job Advertisements and AiG Performance of Services Index flashed downbeat figures.

Looking forward, investors will pay attention to the global developments surrounding the pandemic for fresh impulse whereas the US JOLTS Job Openings could offer additional data for direction.

Technical analysis

With the sustained trading beyond a month-old falling trend line, currently near 0.6100, buyers can target March-end top close to 0.6215 during the further upside. Meanwhile, 21-day SMA near 0.6070 can question the pair’s declines below the resistance-turned-immediate support line.

Additional important levels

Overview
Today last price	0.6127
Today Daily Change	41 pips
Today Daily Change %	0.67%
Today daily open	0.6086

Trends
Daily SMA20	0.6068
Daily SMA50	0.6424
Daily SMA100	0.6647
Daily SMA200	0.6744

Levels
Previous Daily High	0.6107
Previous Daily Low	0.5991
Previous Weekly High	0.6214
Previous Weekly Low	0.598
Previous Monthly High	0.6686
Previous Monthly Low	0.5509
Daily Fibonacci 38.2%	0.6063
Daily Fibonacci 61.8%	0.6035
Daily Pivot Point S1	0.6016
Daily Pivot Point S2	0.5945
Daily Pivot Point S3	0.59
Daily Pivot Point R1	0.6132
Daily Pivot Point R2	0.6178
Daily Pivot Point R3	0.6248

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

EUR/USD holds losses below 1.1850 ahead of FOMC Minutes

EUR/USD stays on the back foot below 1.1850 in the European session on Wednesday, pressured by renewed US Dollar demand and reports that ECB President Lagarde will step down before the end of her term. Traders now look forward to the Minutes of the Fed's January monetary policy meeting for fresh signals on future rate cuts.

GBP/USD defends 1.3550 after UK inflation data

GBP/USD is holding above 1.3550 in Wednesday's European morning, little changed following the UK Consumer Price Index (CPI) data release. The UK inflation eased as expected in January, reaffirming bets for a March BoE interest rate cut, especially after Tuesday's weak employment report.

Gold retains bullish bias amid Fed rate cut bets, ahead of Fed Minutes

Gold sticks to modest intraday gains through the early European session, reversing a major part of the previous day's heavy losses of more than 2%, to the $4,843-4,842 region or a nearly two-week low. That said, the fundamental backdrop warrants caution for bulls ahead of the FOMC Minutes, which will look for more cues about the US Federal Reserve's rate-cut path.

Pi Network rally defies market pressure ahead of its first anniversary

Pi Network is trading above $0.1900 at press time on Wednesday, extending the weekly gains by nearly 8% so far. The steady recovery is supported by a short-term pause in mainnet migration, which reduces pressure on the PI token supply for Centralized Exchanges. The technical outlook focuses on the $0.1919 resistance as bullish momentum increases.

Mixed UK inflation data no gamechanger for the Bank of England

Food inflation plunged in January, but service sector price pressure is proving stickier. We continue to expect Bank of England rate cuts in March and June. The latest UK inflation read is a mixed bag for the Bank of England, but we doubt it drastically changes the odds of a March rate cut.

Top 3 Price Prediction: Bitcoin, Ethereum, and Ripple face downside risk as bears regain control

Bitcoin, Ethereum, and Ripple remain under pressure on Wednesday, with the broader trend still sideways. BTC is edging below $68,000, nearing the lower consolidating boundary, while ETH and XRP also declined slightly, approaching their key supports.