AUD/USD sits at fresh one-week tops ahead of key US macro data

Haresh Menghani FXStreet

The AUD/USD pair continued gaining traction through mid-European session and is currently placed at fresh one-week tops, around mid-0.7800s.

The pair shrugged off today's cautious RBA Financial Stability Review report and built on previous session's bullish break above 100-day SMA hurdle, despite a modest US Dollar recovery.

A minor rebound in the US Treasury bond yields helped the greenback to recover early lost ground, but did little to dent demand for higher-yielding currencies - like the Aussie.

Meanwhile, the prevalent positive trading sentiment around commodity space, especially copper, which tends to underpin demand for commodity-linked currencies, remained supportive of the pair's bid tonefor the fourth consecutive session.

It, however, remains to be seen if the pair is able to extend the up-move or runs through some fresh offers at higher level amid some repositioning trade ahead of today's key inflation figures from the US.

• US Sep CPI: Headline prices likely to increase 0.5% overall - Westpac

Apart from the headline CPI, today's US economic docket also features the release of monthly retail sales and Prelim UoM Consumer Sentiment Index, which along with Fedspeaks would help determine the pair's next leg of directional move.

Technical levels to watch

A follow through buying interest beyond 0.7860 level should continue lifting the pair further towards the 0.7900 handle ahead of 50-day SMA hurdle near the 0.7915 region.

On the downside, any pull-back below the 0.7835-25 region now seems find support at 100-day SMA near the 0.7800 handle, which if broken would turn the pair vulnerable to head back towards retesting mid-0.7700s support.

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 meets initial support around 1.1800

EUR/USD remains on the back foot, although it has managed to reverse the initial strong pullback toward the 1.1800 region and regain some balance, hovering around the 1.1850 zone as the NA session draws to a close on Tuesday. Moving forward, market participants will now shift their attention to the release of the FOMC Minutes and US hard data on Wednesday.

GBP/USD bounces off lows, retargets 1.3550

After bottoming out just below the 1.3500 yardstick, GBP/USD now gathers some fresh bids and advances to the 1.3530-1.3540 band in the latter part of Tuesday’s session. Cable’s recovery comes as the Greenback surrenders part of its advance, although it keeps the bullish bias well in place for the day.

Gold remains offered below $5,000

Gold stays on the defensive on Tuesday, receding to the sub-$5,000 region per troy ounce on the back of the persistent move higher in the Greenback. The precious metal’s decline is also underpinned by the modest uptick in US Treasury yields across the spectrum.

Ethereum Price Forecast: BitMine extends ETH buying streak, says long-term outlook remains positive

Ethereum (ETH) treasury firm BitMine Immersion continued its weekly purchase of the top altcoin last week after acquiring 45,759 ETH.

UK jobs market weakens, bolstering rate cut hopes

In the UK, the latest jobs report made for difficult reading. Nonetheless, this represents yet another reminder for the Bank of England that they need to act swiftly given the collapse in inflation expected over the coming months.

Ripple slides to $1.45 as downside risks surge

Ripple edges lower at the time of writing on Tuesday, from the daily open of $1.48, as headwinds persist across the crypto market. A short-term support is emerging at $1.45, but a buildup of bearish positions could further weaken the derivatives market and prolong the correction.