AUD/USD Price Analysis: Bears step in after RBA decision

The AUD/USD declined to a low near 0.6400, seeing 1.05% losses
Despite the hiking by 25 bps the AUD failed to gain momentum
Indicators on the daily chart are starting to favour the bears.

Patricio Martín FXStreet

The AUD/USD suffered significant losses in Tuesday's session, reaching a daily low near 0.6400 with a decline of 1.05% and then stabilising around 0.6420. The Reserve Bank of Australia (RBA) hiked rates by 25 bps to 4.35% and left the door open to further increases, but the USD strength is pushing the pair downwards.

In line with that, the daily chart highlights a neutral to the bearish technical outlook for the AUD/USD, as signs of bullish exhaustion become evident after last week’s rally. The Relative Strength Index (RSI) has a negative slope above its midline, indicating weakening buying pressure, while the Moving Average Convergence (MACD) lays out lower green bars. Furthermore, the pair is above the 20-day Simple Moving Average (SMA) but below the 100 and 200-day SMAs, suggesting that the bears are in control of the larger context while bulls are still resilient, holding some momentum in the shorter time frame.

Indicators on the four-hour chart turned somewhat flat after sharply declining during the Asian session, indicating that the pair may face a consolidation in the short term.

Supports: 0.6400, 0.6365 (20-day SMA), 0.6350.
Resistances: 0.6440, 0.6460, 0.6500 (100-day SMA).

AUD/USD Daily chart

AUD/USD

Overview
Today last price	0.6425
Today Daily Change	-0.0064
Today Daily Change %	-0.99
Today daily open	0.6489

Trends
Daily SMA20	0.6367
Daily SMA50	0.6395
Daily SMA100	0.6512
Daily SMA200	0.6619

Levels
Previous Daily High	0.6523
Previous Daily Low	0.6487
Previous Weekly High	0.6518
Previous Weekly Low	0.6315
Previous Monthly High	0.6445
Previous Monthly Low	0.627
Daily Fibonacci 38.2%	0.6501
Daily Fibonacci 61.8%	0.6509
Daily Pivot Point S1	0.6476
Daily Pivot Point S2	0.6464
Daily Pivot Point S3	0.644
Daily Pivot Point R1	0.6512
Daily Pivot Point R2	0.6535
Daily Pivot Point R3	0.6548

Author

Patricio Martín

FXStreet

Patricio is an economist from Argentina passionate about global finance and understanding the daily movements of the markets.

EUR/USD flirts with daily highs, retargets 1.1900

EUR/USD regains upside traction, returning to the 1.1880 zone and refocusing its attention to the key 1.1900 barrier. The pair’s slight gains comes against the backdrop of a humble decline in the US Dollar as investors continue to assess the latest US CPI readings and the potential Fed’s rate path.

GBP/USD remains well bid around 1.3650

GBP/USD maintains its upside momentum in place, hovering around daily highs near 1.3650 and setting aside part of the recent three-day drop. Cable’s improved sentiment comes on the back of the Greenback’s irresolute price action, while recent hawkish comments from the BoE’s Pill also collaborate with the uptick.

Gold clings to gains just above $5,000/oz

Gold is reclaiming part of the ground lost on Wednesday’s marked decline, as bargain-hunters keep piling up and lifting prices past the key $5,000 per troy ounce. The precious metal’s move higher is also underpinned by the slight pullback in the US Dollar and declining US Treasury yields across the curve.

Crypto Today: Bitcoin, Ethereum, XRP in choppy price action, weighed down by falling institutional interest

Bitcoin's upside remains largely constrained amid weak technicals and declining institutional interest. Ethereum trades sideways above $1,900 support with the upside capped below $2,000 amid ETF outflows.

Week ahead – Data blitz, Fed Minutes and RBNZ decision in the spotlight

US GDP and PCE inflation are main highlights, plus the Fed minutes. UK and Japan have busy calendars too with focus on CPI. Flash PMIs for February will also be doing the rounds. RBNZ meets, is unlikely to follow RBA’s hawkish path.

Ripple Price Forecast: XRP potential bottom could be in sight

Ripple edges up above the intraday low of $1.35 at the time of writing on Friday amid mixed price actions across the crypto market. The remittance token failed to hold support at $1.40 the previous day, reflecting risk-off sentiment amid a decline in retail and institutional sentiment.