AUD/USD stuck in a tight range below 50-DMA

Eren Sengezer FXStreet

The AUD/USD pair dropped to a new weekly low at 0.7603 during the opening hours of the NA session but couldn't extend the fall. As the market thins out waiting for the outcome of the healthcare bill vote, the US dollar index is moving in a tight range around 99.50.

All eyes on the vote

Although the latest headlines suggest that there aren't enough votes to pass the bill, we are yet to see a market reaction. The final vote is scheduled to take place at 19:30 GMT but the results are expected just minutes before the closing bell in New York, and the participants might choose to stay on the sidelines until then.

Republicans in Congress said they lacked the votes needed for passage - RTRS

Furthermore, major US equity indices are painting a mixed picture, reflecting the cautious mood among the investors. As of writing, the Dow Jones Industrial Average (DJIA) dropped 42-points to 20,614, while the S&P 500 Index added 4-points to 2,342. Comments from several FOMC members were also ignored during the session.

Fed’s Williams talks about risks of running policy too hot for too long

Economy can afford a little less accommodation - Fed's Dudley

Technical outlook

At the moment, the AUD/USD is losing 0.03% at 0.7625 and facing the first resistance at 0.7635 (50-DMA) followed by 0.7670 (Mar. 23 high) and 0.7750 (Mar. 21 high). On the downside, a break below 0.7603/00 (daily low/psychological level) could aim for 0.7555 (Mar. 15 low) and 0.7515 (100-DMA).

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

EUR/USD flirts with daily highs, retargets 1.1900

EUR/USD regains upside traction, returning to the 1.1880 zone and refocusing its attention to the key 1.1900 barrier. The pair’s slight gains comes against the backdrop of a humble decline in the US Dollar as investors continue to assess the latest US CPI readings and the potential Fed’s rate path.

GBP/USD remains well bid around 1.3650

GBP/USD maintains its upside momentum in place, hovering around daily highs near 1.3650 and setting aside part of the recent three-day drop. Cable’s improved sentiment comes on the back of the Greenback’s irresolute price action, while recent hawkish comments from the BoE’s Pill also collaborate with the uptick.

Gold clings to gains just above $5,000/oz

Gold is reclaiming part of the ground lost on Wednesday’s marked decline, as bargain-hunters keep piling up and lifting prices past the key $5,000 per troy ounce. The precious metal’s move higher is also underpinned by the slight pullback in the US Dollar and declining US Treasury yields across the curve.

Crypto Today: Bitcoin, Ethereum, XRP in choppy price action, weighed down by falling institutional interest

Bitcoin's upside remains largely constrained amid weak technicals and declining institutional interest. Ethereum trades sideways above $1,900 support with the upside capped below $2,000 amid ETF outflows.

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

US GDP and PCE inflation are main highlights, plus the Fed minutes. UK and Japan have busy calendars too with focus on CPI. Flash PMIs for February will also be doing the rounds. RBNZ meets, is unlikely to follow RBA’s hawkish path.

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.