AUD/USD Price Analysis: Retreats from weekly hurdle near 0.6810 but downside appears limited

AUD/USD fades the previous day’s rebound from weekly low as descending trend line from Friday prod bulls.
Key EMAs, monthly horizontal support stand tall to challenge Aussie bears.
Easing bearish bias of MACD signals also checks sellers.
Buyers can aim for fresh monthly high on clear break of 0.6810.

Anil Panchal FXStreet

AUD/USD fails to extend the previous day’s corrective bounce off a one-week low, as well as the 100-Exponential Moving Average (EMA), amid early Thursday in Europe. In doing so, the risk-barometer pair portrays the market’s cautious mood ahead of multiple central bank announcements while also suffering from China’s holiday.

AUD/USD pair’s latest retreat could be linked to its inability to cross the weekly resistance line, around 0.6810 by the press time.

However, the quote’s sustained trading beyond the 100-EMA and 200-EMA, as well as an impending bull cross on the MACD indicator, challenge the Aussie pair sellers.

Apart from the 100-EMA and 200-EMA, respectively near 0.6745 and 0.6700, a horizontal area comprising multiple levels marked since June 02, close to 0.6640, also appears to challenge the AUD/USD bears before giving them control.

Alternatively, a successful break of the aforementioned resistance line from Friday, close to 0.6810 at the latest, can trigger the AUD/USD pair’s run-up towards refreshing the monthly top, currently around 0.6900.

It should be noted that a one-week-long horizontal region around 0.6840 acts as an extra filter towards the north.

AUD/USD: Four-hour chart

Trend: Limited downside expected

Additional important levels

Overview
Today last price	0.6797
Today Daily Change	0.0000
Today Daily Change %	0.00%
Today daily open	0.6797

Trends
Daily SMA20	0.6683
Daily SMA50	0.6681
Daily SMA100	0.672
Daily SMA200	0.6692

Levels
Previous Daily High	0.6804
Previous Daily Low	0.6741
Previous Weekly High	0.69
Previous Weekly Low	0.6732
Previous Monthly High	0.6818
Previous Monthly Low	0.6458
Daily Fibonacci 38.2%	0.678
Daily Fibonacci 61.8%	0.6765
Daily Pivot Point S1	0.6757
Daily Pivot Point S2	0.6717
Daily Pivot Point S3	0.6693
Daily Pivot Point R1	0.682
Daily Pivot Point R2	0.6844
Daily Pivot Point R3	0.6884

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 flirts with 0.7000, lowest since early August amid bullish USD

AUD/USD hits a fresh low since early August during the Asian session on Friday and looks vulnerable near 0.7000 after breaking below the 200-day SMA overnight. Against the backdrop of the hawkish Fed, a two-day rally in oil prices revives inflation fears and continues to push US bond yields to multi-year highs. Adding to this, geopolitical risks lift the US Dollar to a two-month high, overshadowing RBA rate hike bets and weighing on the pair.

USD/JPY pulls back from three-week high after failing near 159.00

USD/JPY edges lower during the Asian session on Friday, stalling its recent strong move to a three-week high of 159.00 as Japanese Yen bears turn cautious amid intervention fears. Meanwhile, the US Dollar retains a strong bullish undertone as the Fed's hawkish outlook and oil-driven inflation fears continue to push US bond yields to multi-year peaks. Furthermore, the BoJ's dovish rate hike last week might cap JPY and support spot prices.

Gold treads water below $4,300

Gold grabs some buying attention and advances marginally at the end of the week, partially retracing the weekly decline, although it is still navigating below the key $4,300 mark per troy ounce. The fresh selling bias on the Greenback and the modest decline in US Treasury yields appear to support the humble advance in the precious metal.

Crypto Today: Bitcoin and Ethereum edge lower, XRP extends recovery as macro headwinds weigh

The broader cryptocurrency market is consolidating on Friday, with Bitcoin paring losses slightly above $84,000. Ethereum declines in tandem with BTC. Ripple (XRP), meanwhile, paints a different picture.

Fed vs BoJ: Both hiked. The market only believes one of them – and the chart shows which

The Federal Reserve (Fed) and the Bank of Japan (BoJ) have just done something remarkably similar. Both central banks raised interest rates by 25 basis points (bps) last week, both are confronting inflation risks, and both signal that future decisions will depend on incoming economic data.

Fed vs BoJ: Both hiked. The market only believes one of them – and the chart shows which

The Fed and the BoJ have just done something remarkably similar. Both central banks raised interest rates by 25 bps last week, both are confronting inflation risks, and both signal that future decisions will depend on incoming economic data.