AUD/USD Price Analysis: Bulls eye 0.6900s into year-end

AUD/USD remains on the front side of the daily trendline with the 0.6900s eyed.
FOMC minutes help the bulls out and keep US Dollar on the backfoot.

Ross J Burland FXStreet

As per the prior analysis, AUD/USD Price Analysis: Bulls are lurking in daily support, 0.6570/50, the market shot higher from the anticipated support and has reached 0.6738 on the back of some dovish Federal Open Market Committee minutes.

The following illustrates how the price action has opened prospects of a move higher to test 0.6750 and then 0.6850 and 0.6900 for an onward bullish cycle for the rest of the year.

AUD/USD prior analysis

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

AUD/USD update

AUD/USD has moved higher as forecasted and is set to extend the bullish rally while on the front side of the daily trendline with the 0.6900s 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.

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.