AUD/USD Price Analysis: Weakens farther below 0.5900 mark, lowest since February 2003

The bearish pressure surrounding AUD/USD remained unabated on Wednesday.
The downward trajectory seemed unaffected by extremely oversold conditions.
Bears might take some breather near two-week-old descending channel support.

Haresh Menghani FXStreet

The AUD/USD pair continued losing ground and weakened farther below the 0.5900 mark, hitting 17-year lows during the early North-American session on Wednesday.

A sustained break below October 2018 swing lows, around the key 0.60 psychological mark, was seen as a key trigger for bearish traders amid a rush to hoard the USD.

The downward trajectory seemed rather unaffected by extreme oversold conditions on short/medium-term charts, rather took cues from a selloff in the global equity markets.

Looking at the shorter timeframe, the pair has been trending lower along a descending trend channel over the past two weeks or so, indicating a well-established bearish trend.

Bears are likely to take some breather near the lower end of the mentioned trend-channel, albeit a sustained break through should pave the way for a further near-term downfall.

Meanwhile, any attempted recovery back above the 0.5900 round-figure mark might now confront some fresh supply and is likely to remain capped near the 0.5925-30 zone.

AUD/USD 1-hourly chart

Technical levels to watch

AUD/USD

Overview
Today last price	0.5872
Today Daily Change	-0.0127
Today Daily Change %	-2.12
Today daily open	0.5999

Trends
Daily SMA20	0.6495
Daily SMA50	0.667
Daily SMA100	0.677
Daily SMA200	0.681

Levels
Previous Daily High	0.6149
Previous Daily Low	0.5959
Previous Weekly High	0.6686
Previous Weekly Low	0.6122
Previous Monthly High	0.6775
Previous Monthly Low	0.6434
Daily Fibonacci 38.2%	0.6031
Daily Fibonacci 61.8%	0.6076
Daily Pivot Point S1	0.5922
Daily Pivot Point S2	0.5846
Daily Pivot Point S3	0.5732
Daily Pivot Point R1	0.6112
Daily Pivot Point R2	0.6225
Daily Pivot Point R3	0.6302

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

EUR/USD climbs to daily highs near 1.1820

EUR/USD now picks up pace and advances to the area of daily peaks north of the 1.1800 barrier at the end of the week. The pair’s decent move higher comes against the backdrop of a generalised lack of direction in the FX galaxy and the mild offered stance in the US Dollar.

GBP/USD trims losses, retests 1.3460

After briefly challenging its key 200-day SMA near 1.3440, GBP/USD now manages to regain some balance and revisit the 1.3460 zone on Friday. Cable’s pullback comes as the selling pressure on the Greenback gathers traction, reigniting some recovery in the risk-linked space.

Gold flirts with four-week highs past $5,200

Gold extends its rebound, climbing for a third consecutive session and pushing back above the $5,200 mark per troy ounce on Friday. The move higher continues to draw support from lingering geopolitical tensions and the ongoing uncertainty surrounding US trade policy, both of which are keeping safe-haven demand firmly in play.

Bitcoin, Ethereum and Ripple consolidate with short-term cautious bullish bias

Bitcoin, Ethereum and Ripple are consolidating near key technical areas on Friday, showing mild signs of stabilization after recent volatility. BTC holds above $67,000 despite mild losses so far this week, while ETH hovers around $2,000 after a rejection near its upper consolidation boundary.

Breaking: US and Israel attack Iran, risk aversion to sweep global markets

Early Saturday, United States (US) President Donald Trump announced that the US had begun “major combat operations” in Iran, following Israel’s pre-emptive missile attacks against Tehran.

Starknet unveils strkBTC, shielded Bitcoin transactions on Ethereum Layer 2

Starknet, the Ethereum Layer 2 network developed by StarkWare, today announced strkBTC, a wrapped Bitcoin asset that introduces optional shielding while preserving full DeFi composability.