AUD/USD Price Analysis: Breaks six-week-old support below 0.7650, eyes further losses

AUD/USD drops to the fresh low of the month after breaking 0.7640 horizontal support.
Bearish MACD, sustained trading below 21-day EMA suggests further weakness.
50-day EMA lures short-term sellers, monthly resistance line adds to the upside barriers.

Anil Panchal FXStreet

AUD/USD takes offers near 0.7628, down 0.42% intraday, after breaking the key support during early Thursday. The quote recently defied a horizontal line comprising December 17 top and January 04 low while extending the previous day’s downside break of 21-day EMA.

Not only the extension of weakness below the key EMA and horizontal support but bearish MACD also favors AUD/USD sellers.

As a result, further declines target 50-day EMA level of 0.7588 with the 0.7600 round-figure acting as immediate support.

In a case where the AUD/USD bears dominate past-0.7588, 38.2% Fibonacci retracement of November 2020 to January 2021 upside, near the 0.7500 round-figure will gain the market’s attention.

On the contrary, the pair’s upside break of 0.7640 needs to clear a 21-day EMA level of 0.7690 to convince the short-term buyers.

Following that, the downward sloping trend line from January 06, currently around 0.7765, can lure the AUD/USD buyers ahead of directing them to the monthly high near 0.7820.

AUD/USD daily chart

Trend: Bearish

Additional important levels

Overview
Today last price	0.7624
Today Daily Change	-36 pips
Today Daily Change %	-0.47%
Today daily open	0.766

Trends
Daily SMA20	0.7731
Daily SMA50	0.7579
Daily SMA100	0.7378
Daily SMA200	0.7147

Levels
Previous Daily High	0.7764
Previous Daily Low	0.7644
Previous Weekly High	0.7783
Previous Weekly Low	0.7658
Previous Monthly High	0.7743
Previous Monthly Low	0.7338
Daily Fibonacci 38.2%	0.7689
Daily Fibonacci 61.8%	0.7718
Daily Pivot Point S1	0.7614
Daily Pivot Point S2	0.7569
Daily Pivot Point S3	0.7494
Daily Pivot Point R1	0.7735
Daily Pivot Point R2	0.7809
Daily Pivot Point R3	0.7855

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 sticks to positive bias above 1.1800 as trade jitters undermine USD

The EUR/USD pair builds on the previous day's modest gains and attracts some buyers for the second straight day on Thursday amid a softer US Dollar. Spot prices, however, lack bullish conviction and trade around the 1.1815-1.1820 area during the Asian session, up 0.10% for the day.

GBP/USD bounces as soft CPI boosts BoE cut bets

GBP/USD rose 0.42% on Wednesday, recovering toward 1.3600 in a session shaped by softer-than-expected UK inflation data and broad US Dollar weakness. The pair had been consolidating in a tight range between about 1.3450 and 1.3520 for the past few days following the sharp pullback from the late-January high near 1.3870, and Wednesday's move pushed price action back onto the high side of key moving averages.

Gold retakes $5,200 amid sustained haven demand, softer USD

Gold attracts some buyers for the second straight day as trade jitters and geopolitical tensions persist ahead of the US-Iran nuclear talks, which underpin demand for safe-haven assets. Additionally, a softer US Dollar further supports the bullion, though the underlying bullish sentiment could cap gains. Bulls might also opt to wait for acceptance above the $5,200 mark before positioning for any meaningful appreciating move.

UK financial watchdog advances stablecoin oversight as four firms pilot issuance

The Financial Conduct Authority in the United Kingdom is advancing toward the final stablecoin regulatory framework with a pilot program involving four companies, including Monee, Financial Technologies ReStabilise, Revolut and VVTX.

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.

Cosmos Hub Price Forecast: ATOM rebounds slightly, bearish outlook remains intact

Cosmos Hub (ATOM) price rebounds, trading above $2.05 at the time of writing on Wednesday, after undergoing a sharp correction since last week. Weakening on-chain and derivatives data support a bearish outlook, while technical analysis remains unfavorable.