AUD/USD Technical Analysis: Bulls take breather amid overbought conditions on hourly charts

Haresh Menghani FXStreet

• The pair built on last week's strong recovery from almost a decade low and was now seen grinding higher along an intraday ascending trend-channel formation.

AUD/USD 5-mins. chart

• Friday's sustained move beyond 100/200-hour SMAs, followed by a golden cross - 50-hour SMA crossing over the 200-hour SMA, fueled technical buying on Monday.

• Meanwhile, technical indicators on the daily chart have just started gaining positive momentum and support prospects for an extension of the positive momentum.

• Meanwhile, oscillators on hourly charts are already pointing to slightly overbought conditions and might turn out to be the only factor keeping a lid on any strong up-move.

1-hourly chart

AUD/USD

Overview:
    Today Last Price: 0.7136
    Today Daily change: 20 pips
    Today Daily change %: 0.281%
    Today Daily Open: 0.7116
Trends:
    Previous Daily SMA20: 0.7104
    Previous Daily SMA50: 0.7184
    Previous Daily SMA100: 0.7185
    Previous Daily SMA200: 0.7344
Levels:
    Previous Daily High: 0.7125
    Previous Daily Low: 0.6993
    Previous Weekly High: 0.7125
    Previous Weekly Low: 0.6684
    Previous Monthly High: 0.7394
    Previous Monthly Low: 0.7014
    Previous Daily Fibonacci 38.2%: 0.7075
    Previous Daily Fibonacci 61.8%: 0.7043
    Previous Daily Pivot Point S1: 0.7031
    Previous Daily Pivot Point S2: 0.6946
    Previous Daily Pivot Point S3: 0.6899
    Previous Daily Pivot Point R1: 0.7163
    Previous Daily Pivot Point R2: 0.721
    Previous Daily Pivot Point R3: 0.7295

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

EUR/USD struggles to hold above 1.1800 ahead of US data

EUR/USD finds it difficult to gather recovery momentum and retreats below 1.1800 in the second half of the day on Thursday. The US Dollar (USD) stays resilient against its peers after the hawkish surprise in FOMC Minutes, weighing on the pair ahead of the next batch of US data.

GBP/USD recovers above 1.3500 amid better mood

GBP/USD finds fresh demand and rises back above 1.3500 in the European session on Thursday. Improving risk sentiment and renewed US Dollar weakness are helping the pair recover ground ahead of mid-tier US data releases and Fedspeak.

Gold retreats from daily highs, trades below $5,000

Gold finds it difficult to stabilize above the $5,000 psychological mark on Thursday and trades slightly below this level in the early American session. Escalating geopolitical tensions in the Middle East help XAU/USD hold its ground, while the broad-based USD strength caps the pair's upside.

Injective token surges over 13% following the approval of the mainnet upgrade proposal

Injective price rallies over 13% on Thursday after the network confirmed the approval of its IIP-619 proposal. The green light for the mainnet upgrade has boosted traders’ sentiment, as the upgrade aims to scale Injective’s real-time Ethereum Virtual Machine architecture and enhance its capabilities to support next-generation payments. The technical outlook suggests further gains if INJ breaks above key resistance.

Hawkish Fed minutes and a market finding its footing

It was green across the board for US Stock market indexes at the close on Wednesday, with most S&P 500 names ending higher, adding 38 points (0.6%) to 6,881 overall. At the GICS sector level, energy led gains, followed by technology and consumer discretionary, while utilities and real estate posted the largest losses.