AUD/USD Price Analysis: Holds triple top support

AUD/USD has formed a triple top pattern on the hourly chart.
A break below the neckline support could invite stronger selling pressure.

Omkar Godbole FXStreet Contributor

AUD/USD is trading near 0.6935 at press time, having almost tested support at 0.6925 a few minutes ago.

That level is currently housing the neckline of the triple top pattern seen on the hourly chart. The pair faced rejection in the range of 0.6992-0.7002 three times in the last seven days.

Acceptance under the neckline support would imply bearish reversal and open the doors to 0.6850 (target as per the measured move method).

A triple top breakdown looks likely as the previous week’s Doji candle is indicative of buyer exhaustion. In addition, Monday’s inverted hammer is hinting at reversal lower.

Acceptance above 0.70 is needed to invalidate the immediate bearish bias.

Hourly chart

Trend: Bearish

Technical levels

AUD/USD

Overview
Today last price	0.6935
Today Daily Change	-0.0005
Today Daily Change %	-0.07
Today daily open	0.694

Trends
Daily SMA20	0.6911
Daily SMA50	0.6768
Daily SMA100	0.6531
Daily SMA200	0.6678

Levels
Previous Daily High	0.6998
Previous Daily Low	0.6938
Previous Weekly High	0.7001
Previous Weekly Low	0.6922
Previous Monthly High	0.7065
Previous Monthly Low	0.6648
Daily Fibonacci 38.2%	0.6961
Daily Fibonacci 61.8%	0.6976
Daily Pivot Point S1	0.6919
Daily Pivot Point S2	0.6899
Daily Pivot Point S3	0.6859
Daily Pivot Point R1	0.698
Daily Pivot Point R2	0.7019
Daily Pivot Point R3	0.704

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

EUR/USD stays defensive below 1.1900 as USD recovers

EUR/USD trades in negative territory for the third consecutive day, below 1.1900 in the European session on Thursday. A modest rebound in the US Dollar is weighing on the pair, despite an upbeat market mood. Traders keep an eye on the US weekly Initial Jobless Claims data for further trading impetus.

GBP/USD holds above 1.3600 after UK data dump

\GBP/USD moves little while holding above 1.3600 in the European session on Thursday, following the release of the UK Q4 preliminary GDP, which showed a 0.1% growth against a 0.2% increase expected. The UK industrial sector activity deteriorated in Decembert, keeping the downward pressure intact on the Pound Sterling.

Gold sticks to modest intraday losses as reduced March Fed rate cut bets underpin USD

Gold languishes near the lower end of its daily range heading into the European session on Thursday. The precious metal, however, lacks follow-through selling amid mixed cues and currently trades above the $5,050 level, well within striking distance of a nearly two-week low touched the previous day.

Cardano eyes short-term rebound as derivatives sentiment improves

Cardano (ADA) is trading at $0.257 at the time of writing on Thursday, after slipping more than 4% so far this week. Derivatives sentiment improves as ADA’s funding rates turn positive alongside rising long bets among traders.

The market trades the path not the past

The payroll number did not just beat. It reset the tone. 130,000 vs. 65,000 expected, with a 35,000 whisper. 79 of 80 economists leaning the wrong way. Unemployment and underemployment are edging lower. For all the statistical fog around birth-death adjustments and seasonal quirks, the core message was unmistakable. The labour market is not cracking.

Sonic Labs’ vertical integration fuels recovery in S token

Sonic, previously Fantom (FTM), is extending its recovery trade at $0.048 at the time of writing, after rebounding by over 12% the previous day. The recovery thesis’ strengths lie in the optimism surrounding Sonic Labs’ Wednesday announcement to shift to a vertically integrated model, aimed at boosting S token utility.