AUD/USD Technical Analysis: 0.7070 gains sellers attention

Anil Panchal FXStreet

AUD/USD daily chart

The AUD/USD pair trades near 0.7110 around early Asian sessions on Friday.
The quote took a U-turn from 50-day and 100-day simple moving averages (SMA) on Thursday.
While multiple lows from mid-February to March start offers immediate support to the pair at 0.7070, 50% Fibonacci retracement of its December – January drop, at 0.7060, could challenge sellers then after.
Given the additional declines under 0.7060, 0.7030, 0.7000 and a descending trend-line joining 38.2% Fibonacci at 0.6980 seem crucial for bears.
Meanwhile, 50-day SMA level of 0.7130 and 100-day SMA level of 0.7160 can limit the pair’s near-term upside.
Should the pair clears 0.7160, 0.7200 may become buyers’ favorite ahead of pushing them towards 200-day SMA level of 0.7220.

AUD/USD 4-Hour chart

Short-term symmetrical triangle confines the pair moves between 0.7070 and 0.7165 with additional support-line at 0.7060 acting as small follow-on rest.
50% Fibonacci retracement of January 31 to March 08 downturn at 0.7150 can provide an intermediate halt between 0.7130 and 0.7150.

AUD/USD hourly chart

A horizontal line near 0.7120 may restrict the pair’s adjacent rise whereas 0.7095 seems the closest support.

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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.