AUD/USD Price Analysis: Bulls eye daily trendline resistance and a confluence near 0.6800

AUD/USD is correcting and the bulls might have only just got going.
AUD/USD bulls eye the 78.6% Fibonacci near 0.6800.

Ross J Burland FXStreet

AUD/USD is making a positive effort for the initial balance of the week, moving up into shorts that built from a breakout below 0.7000 in the middle of the month. The moves follow the pre-market open analysis from Monday Asia, here:

AUD/USD Price Analysis: Bulls eye a correction to test dynamic resistance

AUD/USD prior analysis

It was explained that while potentially on course for a full test of last month's lows, AUD/USD was in a correction zone and the trendline resistance was compelling for a target of liquidity.

AUD/USD update

AUD/USD has reached toward a 50% mean reversion area and is starting to come under pressure. However, that is not to say that the correction is on the way out. Instead, it could be building up into a geometrical pattern:

A target of the 78.6% Fibonacci higher up near 0.6800 would align with the daily trendline resistance as follows:

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.

EUR/USD weakens toward 1.1600 as firm US data revives the US Dollar

The EUR/USD edged lower on Thursday, down some 0.21% as market sentiment remains risk averse due to the ongoing conflict in the Middle East. This and solid US economic data pushed the pair lower towards the 1.1600 figure ahead of Friday’s session.

GBP/USD stays offered near 1.3340

GBP/USD fades Wednesday’s uptick and trades with decent losses in the 1.3340 zone in the latter part of Thursday’s session. Cable’s weakness, alongside the rest of the risk complex, follows the strong performance of the Greenback amid intense geopolitical jitters.

Gold: further weakness could challenge $5,000

Gold comes under fresh selling pressure on Thursday, slipping back below the $5,100 mark per troy ounce. Persistent strength in the US Dollar (USD) is preventing the yellow metal from building a meaningful recovery, even as markets remain risk-averse amid the deepening conflict in the Middle East.

NYSE parent Intercontinental Exchange partners with OKX, invests at a $25B valuation

OKX announced an investment from Intercontinental Exchange, raising its valuation to $25 billion, alongside a partnership to expand regulated crypto futures and tokenized equity offerings globally.

Two PMIs, two Chinas

China’s economic data are often treated with a degree of caution by global investors. The challenge is not necessarily that the numbers are incorrect, but that they can describe very different parts of a vast and complex economy. Nowhere is that more evident than in China’s PMIs.

Ripple tests recovery strength amid steady ETF inflows, growing retail interest

Ripple (XRP) continues to demonstrate notable resilience as the cryptocurrency market navigates the persistent war in the Middle East after the United States (US) and Israel attacked Iran on Saturday.