AUD/USD sinks below 0.75 as the rebounding USD chews through major support

The Aussie has tumbled all the way out of the descending channel as the Greenback surges on a US data beat.
The week is set to end on a bearish note for the Aussie.

Joshua Gibson FXStreet

The AUD/USD is trading back underneath the 0.7500 handle after tumbling in Thursday's US session.

The Greenback rebounded across the broader market yesterday, spurred on by better-than-expected Retail Sales figures, with the month of May excluding autos coming in at 0.9%, nearly doubling the forecast 0.5% and clearing the previous reading of 0.4% with ease.

The Aussie has found itself on weaker footing heading into the week's end after early Thursday saw a rash of data for both Australia and China missed expectations. The Reserve Bank of Australia's (RBA) Assistant Governor Ellis is expected to speak today, but Ellis' words are unlikely to have much impact, and the RBA is expected to continue towing the line of wait-and-see.

AUD/USD levels to watch

With the Aussie pairing falling below the key 0.7500 support level, further downside is looking likely as the AUD/USD has accelerated right out of the lower bound of the ongoing bearish channel, and has invalidated the last higher low from 0.7475; continued selling is likely into the pair's technical bottom at the major technical bottom at 0.7400, but the pair is looking set for a breath pullback into support-turned-resistance at 0.7515.

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

EUR/USD holds losses near 1.1850 as US, China holidays keep trade muted

EUR/USD opens the week on a softer note, trading near 1.1860 during the Asian session on Monday. Activity is likely to remain muted, with United States markets closed for the Presidents’ Day holiday, while Mainland China is also shut for the week-long Lunar New Year break.

GBP/USD flat lines as traders await key UK macro data and FOMC minutes

The GBP/USD pair kicks off a new week on a subdued note and oscillates in a narrow range, just below mid-1.3600s, during the Asian session. Moreover, the mixed fundamental backdrop warrants some caution for aggressive traders as the market focus now shifts to this week's important releases from the UK and the US.

Gold remains below $5,050 despite Fed rate cut bets, uncertain geopolitical tensions

Gold edges lower after registering over 2% gains in the previous session, trading around $5,030 per troy ounce during the Asian hours on Monday. However, the non-interest-bearing Gold could further gain ground following softer January Consumer Price Index figures, which reinforced expectations that the Federal Reserve could cut rates later this year.

Week ahead: Data blitz, Fed Minutes and RBNZ decision in the spotlight

The US jobs report for January, which was delayed slightly, didn’t do the dovish Fed bets any favours, as expectations of a soft print did not materialize, confounding the raft of weak job indicators seen in the prior week.

Global inflation watch: Signs of cooling services inflation

Realized inflation landed close to expectations in January, as negative base effects weighed on the annual rates. Remaining sticky inflation is largely explained by services, while tariff-driven goods inflation remains limited even in the US.

Ripple Price Forecast: XRP potential bottom could be in sight

Ripple edges up above the intraday low of $1.35 at the time of writing on Friday amid mixed price actions across the crypto market. The remittance token failed to hold support at $1.40 the previous day, reflecting risk-off sentiment amid a decline in retail and institutional sentiment.