AUD/USD Price Analysis: Bears stay on top, eye break below 0.6650

AUD/USD bears breaking 4-hour supporting trendline.
0.6650 and then 0.6580 will be key milestones to leave the bears fully in control with 0.6550 and 0.6500 eyed.

Ross J Burland FXStreet

Protests against China's strict zero-COVID policy and restrictions on freedoms in the nation have led to a risk-off start to the week, weighing head8ily on the Aussie as the following technical analysis will show. AUD/USD is currently down some 1.13% having lost its footing from a high of 0.6727 to a low of 0.6665 on the day so far.

AUD/USD daily chart

The price is testing a meanwhile trendline support on the daily chart, with resistance in a double top at the daily structure, as shown on the chart above. The bias is on the downside as follows:

AUD/USD H4 chart

The 4-hour time frame sees the price testing below the trendline and after a correction into the Fibonacci scale, the bears have moved back in. This puts the focus on the recent lows of 0.6665. However, it will not be until the price break below 0.6650 and then 0.6580 that the bears will be in fully control with 0.6550 and 0.6500 eyed.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

AUD/USD: The 0.7000 region holds the downside, for now

AUD/USD has started the week in a negative fashion, giving away part of Friday’s uptick and refocusing on the downside. The pair’s daily decline has come on the back of the another firm performance of the Greenback, although it has met some decent contention near the 0.7000 neighbourhood.

USD/JPY struggles below 157.00 on weak USD; holds above one-month low ahead of Fed, BoJ meetings

USD/JPY attracts fresh sellers during the Asian session on Monday, stalling its recovery from the lowest level since September 18, touched Friday as a further decline in US bond yields weighs on the US Dollar. Meanwhile, the Japanese Yen benefits from a more hawkish BoJ, further weighing on the currency pair. The downside, however, seems limited as traders keenly await Fed and BoJ policy meetings later this week.

Gold holds on just above $4,000

Gold clings to daily gains, leaving behind two daily drops in a row and reclaiming the key $4,000 mark per troy ounce and above on Monday. The better tone in the US Dollar and mixed US Treasury yields accompany the precious metal’s uptick, while declining crude oil prices appear to sustain the bounce for now.

Bitcoin vs Gold: BTC springs above $80K as XAU tops $4,000 amid low compressed volatility

Bitcoin (BTC) is bouncing back above $80,000 on Monday, while Gold (XAU/USD) is springing above the pivotal $4,000 level, up a modest 0.34% and 0.64%, respectively. Both assets are advancing amid low volatility as market participants position ahead of the Federal Reserve’s (Fed) decision on Wednesday and earnings from several major tech companies.

Everyone's bracing for a hawkish central bank week. Here's why the surprise could be dovish

Five of the world's major central banks are preparing to announce monetary policy decisions this week, with investors increasingly anticipating higher interest rates as the global energy shock continues to push inflation above target.

What November 3 means for the Fed's rate path and the US Dollar

The USD faces a decisive period ahead of the November 3 midterm elections. While markets anticipate another interest rate increase from the Fed in December, the battle for control of Congress could reshape fiscal policy expectations and, indirectly, the path of US monetary policy in 2027.