AUD/USD Technical Analysis: 0.7070 support back on sight

A break of month-long ascending trend-line (TL) shifts AUD/USD traders’ focus back to 0.7075-70 support-zone as it encompasses late December highs and January lows.
Should the pair drop beneath 0.7070, bears may get additional strength in targeting 0.7015 and 0.7000 supports while 0.6980 and 0.6925 be in their radars afterwards.
Alternatively, the 0.7100 round figure can keep limiting near-term upside with the 0.7145 and the 0.7180 acting as following resistances past-0.7100.
During the pair’s extended rise above 0.7180, 0.7200 and immediate resistance-line, at 0.7250, might offer intermediate halt prior to highlighting previous month of 0.7295.
While a sustained downturn under TL support signals further declines, oversold levels of 14-bar relative strength index (RSI) disturbs the outlook and requires a confirmation.

Anil Panchal FXStreet

AUD/USD 4-hour chart

AUD/USD

Overview:
    Today Last Price: 0.7099
    Today Daily change: -20 pips
    Today Daily change %: -0.28%
    Today Daily Open: 0.7119
Trends:
    Daily SMA20: 0.7184
    Daily SMA50: 0.7165
    Daily SMA100: 0.7172
    Daily SMA200: 0.7287
Levels:
    Previous Daily High: 0.7246
    Previous Daily Low: 0.7109
    Previous Weekly High: 0.7296
    Previous Weekly Low: 0.7138
    Previous Monthly High: 0.7296
    Previous Monthly Low: 0.6684
    Daily Fibonacci 38.2%: 0.7161
    Daily Fibonacci 61.8%: 0.7194
    Daily Pivot Point S1: 0.707
    Daily Pivot Point S2: 0.7021
    Daily Pivot Point S3: 0.6933
    Daily Pivot Point R1: 0.7207
    Daily Pivot Point R2: 0.7295
    Daily Pivot Point R3: 0.7344

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 holds firm near 1.1850 amid USD weakness

EUR/USD remains strongly bid around 1.1850 in European trading on Monday. The USD/JPY slide-led broad US Dollar weakness helps the pair build on Friday's recovery ahead of the Eurozone Sentix Investor Confidence data for February.

GBP/USD hovers near 1.3600 as UK government crisis weighs on Pound Sterling

GBP/USD moves sideways after registering modest gains in the previous session, trading around 1.3610 during the European hours on Monday. The pair could come under pressure as the Pound Sterling may weaken amid a fresh government crisis in the United Kingdom.

Gold remains supported by China's buying and USD weakness as traders eye US data

Gold struggles to capitalize on its intraday move up and remains below the $5,100 mark heading into the European session amid mixed cues. Data released over the weekend showed that the People's Bank of China extended its buying spree for a 15th month in January. Moreover, dovish US Fed expectations and concerns about the central bank's independence drag the US Dollar lower for the second straight day, providing an additional boost to the non-yielding yellow metal.

Cardano steadies as whale selling caps recovery

Cardano (ADA) steadies at $0.27 at the time of writing on Monday after slipping more than 5% in the previous week. On-chain data indicate a bearish trend, with certain whales offloading ADA. However, the technical outlook suggests bearish momentum is weakening, raising the possibility of a short-term relief rebound if buying interest picks up.

Japanese PM Takaichi nabs unprecedented victory – US data eyed this week

I do not think I would be exaggerating to say that Japanese Prime Minister Sanae Takaichi’s snap general election gamble paid off over the weekend – and then some. This secured the Liberal Democratic Party (LDP) an unprecedented mandate just three months into her tenure.

Bitcoin, Ethereum and Ripple consolidate after massive sell-off

Bitcoin, Ethereum, and Ripple prices consolidated on Monday after correcting by nearly 9%, 8%, and 10% in the previous week, respectively. BTC is hovering around $70,000, while ETH and XRP are facing rejection at key levels. Traders should be cautious: despite recent stabilization, upside recovery for these top three cryptocurrencies is capped as the broader trend remains bearish.