AUD/USD Price Analysis: Bulls are lurking in daily support, 0.6570/50

AUD/USD is correcting into daily support with eyes on 0.6550.
Price remains in bullish territories while on the back side of the bearish trend.

Ross J Burland FXStreet

As per the prior analysis, AUDUSD Price Analysis: Bears eye a breakout to the downside for the opening sessions, the price has indeed moved lower as the following illustrates.

AUD/USD prior analysis

The hourly M-formation was compelling and argued for a downside continuation having already corrected into the bearish impulse and resistance. The AUDUSD H4 chart looked like this:

AUDUSD update

The four-hour chart shows the price meeting the 50% mean reversion of the following daily chart's prior bullish impulse:

The price has been attempting to break higher on the back side of the bear trendline but it has met resistance and is now correcting into daily support with eyes on 0.6550.

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.

GBP/USD remains offered below 1.3600

GBP/USD resumes its decline, reversing Tuesday’s bullish attempt and breaking below 1.3600 the figure on Wednesday. Cable’s marked pullback follows a firm advance in the Greenback as investors continue to assess latest US data as well as the geopolitical landscape.

EUR/USD remains on the back foot around 1.1650

EUR/USD comes under renewed selling interest, slipping back to the mid-1.1600s ahead of the opening bell in Asia. Spot loses momentum on the back of solid gains in the US Dollar in a context of unabated geopolitical tensions and steady caution ahead of key US data releases and Chair Warsh’s speech at the Jackson Hole Symposium on Friday. Looking ahead, the ECB will publish its Accounts on Thursday.

Gold keeps sight of $4,700 ahead of Fed Warsh’s speech

Gold is making another run to retest 15-week highs of $4,697 early Thursday. Gold traders are taking advantage of an upbeat mood-led US Dollar (USD) retreat, looking past hot US core Personal Consumption Expenditures (PCE) Price Index data for July. Renewed USD weakness offers the much-needed boost to Gold, following Wednesday’s pullback from near the $4,675 neighbourhood.

Bitcoin faces recovery test above $80K as ETF demand strengthens

Bitcoin’s (BTC) recent rally has sharply reduced leverage across the market while attracting strong institutional demand, according to Glassnode. In a report on Wednesday, the firm stated that August 19 marked the largest single-day short liquidations recorded by Glassnode’s feed since 2019, with short positions accounting for 85% of all liquidations.

South Korean Won gains on back-to-back BoK interest rate hikes

The South Korean Won trades higher against the US Dollar on Thursday, with USD/KRW falling 0.3% to near 1,380 during the Asian trading session. The pair revisits its 11-month low as back-to-back interest rate hikes by the Bank of Korea have strengthened the currency.

Kevin Warsh’s Jackson Hole dilemma: Say too much, too little, or just enough

Kevin Warsh is preparing to deliver his first Jackson Hole speech as Federal Reserve (Fed) Chair on Friday, and expectations extend well beyond whether interest rates will be raised or left unchanged in September.