AUD/USD technical analysis: Aussie challenging the 0.6800 handle

AUD/USD is trading up this Tuesday as the Greenback is down across the board.
The market is challenging an important resistance at the 0.6800 figure.

Flavio Tosti Independent Analyst

AUD/USD daily chart

AUD/USD is in a downtrend below the main daily simple moving averages (SMAs). The Aussie gained some strength on the back of USD weakness.

AUD/USD 4-hour chart

The Aussie is challenging the 0.6800 handle and the 200 SMA. A break above the resistance can lead to a run to 0.6830 resistance, according to the Technical Confluences Indicator.

AUD/USD 30-minute chart

AUD/USD is trading above the main SMAs, suggesting bullish momentum in the near term. Support is seen at the 0.6782 and 0.6760 price levels.

Additional key levels

AUD/USD

Overview
Today last price	0.6798
Today Daily Change	0.0024
Today Daily Change %	0.35
Today daily open	0.6774

Trends
Daily SMA20	0.6805
Daily SMA50	0.6833
Daily SMA100	0.6891
Daily SMA200	0.7002

Levels
Previous Daily High	0.6782
Previous Daily Low	0.6764
Previous Weekly High	0.6885
Previous Weekly Low	0.6759
Previous Monthly High	0.6869
Previous Monthly Low	0.6676
Daily Fibonacci 38.2%	0.6775
Daily Fibonacci 61.8%	0.6771
Daily Pivot Point S1	0.6765
Daily Pivot Point S2	0.6756
Daily Pivot Point S3	0.6747
Daily Pivot Point R1	0.6782
Daily Pivot Point R2	0.6791
Daily Pivot Point R3	0.68

Author

Flavio Tosti

Independent Analyst

EUR/USD: US Dollar to remain pressured until uncertainty fog dissipates

Unimpressive European Central Bank left monetary policy unchanged for the fifth consecutive meeting. The United States first-tier employment and inflation data is scheduled for the second week of February. EUR/USD battles to remain afloat above 1.1800, sellers moving to the sidelines.

GBP/USD reclaims 1.3600 and above

GBP/USD reverses two straight days of losses, surpassing the key 1.3600 yardstick on Friday. Cable’s rebound comes as the Greenback slips away from two-week highs in response to some profit-taking mood and speculation of Fed rate cuts. In addition, hawkish comments from the BoE’s Pill are also collaborating with the quid’s improvement.

Gold: Volatility persists in commodity space

After losing more than 8% to end the previous week, Gold remained under heavy selling pressure on Monday and dropped toward $4,400. Although XAU/USD staged a decisive rebound afterward, it failed to stabilize above $5,000. The US economic calendar will feature Nonfarm Payrolls and Consumer Price Index data for January, which could influence the market pricing of the Federal Reserve’s policy outlook and impact Gold’s performance.

Week ahead: US NFP and CPI data to shake Fed cut bets, Japan election looms

US NFP and CPI data awaited after Warsh’s nomination as Fed chief. Yen traders lock gaze on Sunday’s snap election. UK and Eurozone Q4 GDP data also on the agenda. China CPI and PPI could reveal more weakness in domestic demand.

Three scenarios for Japanese Yen ahead of snap election

The latest polls point to a dominant win for the ruling bloc at the upcoming Japanese snap election. The larger Sanae Takaichi’s mandate, the more investors fear faster implementation of tax cuts and spending plans.

XRP rally extends as modest ETF inflows support recovery

Ripple is accelerating its recovery, trading above $1.36 at the time of writing on Friday, as investors adjust their positions following a turbulent week in the broader crypto market. The remittance token is up over 21% from its intraday low of $1.12.