AUD/USD Technical Analysis: Aussie double top at 0.7485 weekly high

AUD/USD bulls made a second attempt to reach the 0.7500 figure but were unable to push the market above 0.7485 the current weekly high established on Monday, suggesting bulls are running out of steam.
The 50-period simple moving average has crossed below the 200-period SMA suggesting slowing momentum for bulls.

Flavio Tosti Independent Analyst

15-minute chart

Spot rate: 0.7460
Relative change: -0.10%
High: 0.7485
Low: 0.7429

Trend: Bearish

Resistance 1: 0.7485-0.7488-0.7494 current week’s high, 200-period SMA (4h), 50-daily SMA
Resistance 2: 0.7600 figure
Resistance 3: 0.7674 swing high

Support 1: 0.7442 June 25 high
Support 2: 0.7400 figure
Support 3: 0.7380 June 26 low
Support 4: 0.7364 June 28 high
Support 5: 0.7345 congestion zone
Support 6: 0.7310 current 2018 low

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.