AUD/USD Technical Analysis: Aussie consolidating recent bullish advance above 0.7200 figure

AUD/USD main bear trend is getting challenged as the bulls want to break above the 0.7300 level, the 50-day simple moving average and the multi-month bear trendline.
AUD/USD is consolidating the recent bullish advance as it is trading above the 0.7200 figure. The RSI indicator is above 50 and the MACD remains supportive for more gains/
Bulls objective is to keep AUD/USD above 0.7200 and to break above the 0.7300 key level in order to create a bullish reversal of the main bear trend.

Flavio Tosti Independent Analyst

AUD/USD daily chart

Spot rate: 0.7250
Relative change: -0.02%
High: 0.7265
Low: 0.7235

Main trend: Bearish

Resistance 1: 0.7294-0.7307 August 13 high, 50 DMA
Resistance 2: 0.7383 August 21 high
Resistance 3: 0.7485 July 10 high

Support 1: 0.7255 August 13 low
Support 2: 0.7236 August 24 low
Support 3: 0.7200 figure August 15 low
Support 4: 0.7144 September 5 low
Support 5: 0.7085, 2018 low
Support 6: 0.7000 figure
Support 7: 0.6830 January 15, 2016 low

Author

Flavio Tosti

Independent Analyst

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.