AUD/USD Price Analysis: Trades in the red, but eyes fourth straight monthly gain

AUD/USD trades in the red amid overbought signals on the daily chart.
The pair still appears set to end the month on a positive note.

Omkar Godbole FXStreet Contributor

AUD/USD is currently trading largely at 0.7173, representing a 0.17% decline on the day, having hit a multi-month high of 0.7197 on Wednesday.

Despite the pullback, the pair is still up 4% on a month-to-date basis. The Aussie dollar looks set to end higher for the fourth straight month, having rallied by 6%, 2.4% and 3.57% in April, May, and June, respectively.

The four-month winning streak is the longest since 2009 and has opened the doors for the test of a 50-month simple moving average hurdle, currently at 0.7279.

Supporting the bullish case is the 14-month relative strength index, which has crossed above 50.00 and is hovering at the highest level since early 2018.

However, a convincing break above the 50-month SMA may remain elusive for some time, as the 14-day RSI is now reporting overbought conditions with an above-70 print. As such, a pullback to the ascending 10-day SMA, currently at 0.7114, cannot be ruled out.

Monthly chart

Trend: Bullish

Technical levels

AUD/USD

Overview
Today last price	0.7181
Today Daily Change	-0.0006
Today Daily Change %	-0.08
Today daily open	0.7187

Trends
Daily SMA20	0.7028
Daily SMA50	0.691
Daily SMA100	0.6592
Daily SMA200	0.6695

Levels
Previous Daily High	0.7197
Previous Daily Low	0.7148
Previous Weekly High	0.7184
Previous Weekly Low	0.6972
Previous Monthly High	0.7065
Previous Monthly Low	0.6648
Daily Fibonacci 38.2%	0.7178
Daily Fibonacci 61.8%	0.7167
Daily Pivot Point S1	0.7158
Daily Pivot Point S2	0.7129
Daily Pivot Point S3	0.7109
Daily Pivot Point R1	0.7207
Daily Pivot Point R2	0.7226
Daily Pivot Point R3	0.7256

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 looks sidelined below 1.1600

EUR/USD remains on the back foot in the latter part of the NA session on Thursday, now attempting a consolidative theme in the sub-1.1600 region. A more cautious market mood, driven by the escalating conflict in the Middle East, together with broad-based strength in the US Dollar, is favouring the continuation of the leg lower in spot.

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.

Crypto Today: Bitcoin, Ethereum, XRP hold weekly gains despite US-Iran war

The cryptocurrency market is gaining strength on Thursday, building on Wednesday's upswing, which saw Bitcoin reach a weekly high above $74,000. Ethereum and Ripple are moderating their recent gains amid uncertainty stemming from the escalating war in the Middle East.

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.