AUD/USD Price Analysis: Bulls approach 0.7100 ahead of RBA

AUD/USD renews intraday high while extending the bounce off three-month low.
Recovery remains elusive below 0.7090 hurdle, multiple hurdles to stop bears ahead of the yearly low.
RBA is up for 0.15% rate hike but upcoming elections test buyers.
Reserve Bank of Australia Preview: Will a 15 bps rate hike be enough to lift the aussie?

Anil Panchal FXStreet

AUD/USD takes the bids to refresh intraday high around 0.7070 as bulls flex muscles ahead of the Reserve Bank of Australia’s (RBA) monetary policy meeting on early Tuesday.

The Aussie pair’s latest upside could be linked to the sustained break of the 100-SMA and immediate resistance line on the 15-Minutes chart amid bullish MACD signals.

The upside momentum, hence, eyes the 200-SMA level surrounding 0.7085.

AUD/USD: 15-minute chart

Trend: Pullback expected

However, a downward sloping trend line from April 21, near 0.7090 by the press time, holds the key to the AUD/USD pair’s further upside.

Should the pair rise past 0.7090, March’s low of 0.7165 will lure the buyers ahead of the key DMAs.

Alternatively, pullback moves may initially aim for the nearby support line close to 0.7030 ahead of the 0.7000 threshold.

Though, multiple levels marked since early December 2021 will challenge the AUD/USD bears weakness past-0.7000 around 0.6990.

AUD/USD: Daily chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	0.7068
Today Daily Change	0.0016
Today Daily Change %	0.23%
Today daily open	0.7052

Trends
Daily SMA20	0.7331
Daily SMA50	0.7349
Daily SMA100	0.7261
Daily SMA200	0.7287

Levels
Previous Daily High	0.7083
Previous Daily Low	0.7029
Previous Weekly High	0.7257
Previous Weekly Low	0.7054
Previous Monthly High	0.7662
Previous Monthly Low	0.7054
Daily Fibonacci 38.2%	0.705
Daily Fibonacci 61.8%	0.7062
Daily Pivot Point S1	0.7026
Daily Pivot Point S2	0.7001
Daily Pivot Point S3	0.6972
Daily Pivot Point R1	0.708
Daily Pivot Point R2	0.7109
Daily Pivot Point R3	0.7134

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.

AUD/USD looks inconclusive near 0.7120

AUD/USD has been struggling for direction on Monday, coming under fresh downside pressure soon after retesting the 0.7140 area and looking to stabilise in the low 0.7100s ahead of the opening bell in Asia on Tuesday. The pair’s daily decline comes on the back of the generalised improvement in the sentiment surrounding the Greenback.

USD/JPY eases below 157.00 amid looming intervention risks

USD/JPY is easing back below 157.00 in Asia on Monday, undermined by modest Japanese Yen strength amid looming intervention risks after Friday's BoJ rate check. A Japanese holiday also keeps traders on edge amid escalating geopolitical tensions between Russia and Ukraine and in the Middle East. As a result, the US Dollar pauses its pullback, limiting the pair's downside.

Gold meets resistance around $4,400

Gold kicks in the new trading with on the back foot, keeping its trade near $4,350 per troy ounce. The precious metal’s correction comes on the back of the firmer US Dollar and espite declining US Treasury yields across the curve.

Bitcoin rallies near $86K on improving markets ahead of quarterly options expiry

Bitcoin (BTC) market conditions improved over the past week as spot buying pressure strengthened and derivatives positioning increased, pushing the top crypto near $86,000. BTC’s price momentum rose from 47.7 to 53.6, representing a 12.5% weekly increase.

The week ahead: Fuel prices in focus as we lead up to key eco releases

Financial markets are in a strange position as we move to the final weeks of Q3, uncertainty and volatility continue to grip markets, but the oil price is falling; and European and US stocks are poised to open higher later on Monday. Market stresses are concentrated in sovereign bonds, and European and US yields had another scare late on Friday, and moved higher.

BoJ Recap: Not as hawkish as expected

The Bank of Japan (BoJ) raised its short-term interest-rate target to 1.25% from 1.00% in a 7-2 vote, marking another step in the normalisation of monetary policy and widely matching what everyone has been expecting for weeks.