AUD/USD Technical Analysis: Consolidates daily gains above 100-hour SMA

Haresh Menghani FXStreet

• An unexpected fall in the Aussie unemployment rate helped the pair to break out of a short-term descending trend-channel formation on the 1-hourly chart.

• The pair now seems to have entered a consolidation phase and trying to establish a firm near-term firm base above the 100-hour SMA amid a weaker tone surrounding the USD.

• Technical indicators on the mentioned chart are holding in bullish territory and thus, increase prospects for further near-term recovery towards 200-hour SMA.

AUD/USD 1-hourly chart

Spot Rate: 0.7268
Daily Low: 0.7214
Trend: Short-term bullish

Resistance
R1: 0.7300 (round figure mark)
R2: 0.7334 (200-period SMA H1)
R3: 0.7374 (20-day SMA)

Support
S1: 0.7230 (descending trend-channel resistance break-point)
S2: 0.7202 (near 20-month low set in the previous session)
S3: 0.7182 (S2 daily pivot-point)

Author

Haresh Menghani

FXStreet

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

AUD/USD flirts with 0.7000, lowest since early August amid bullish USD

AUD/USD hits a fresh low since early August during the Asian session on Friday and looks vulnerable near 0.7000 after breaking below the 200-day SMA overnight. Against the backdrop of the hawkish Fed, a two-day rally in oil prices revives inflation fears and continues to push US bond yields to multi-year highs. Adding to this, geopolitical risks lift the US Dollar to a two-month high, overshadowing RBA rate hike bets and weighing on the pair.

USD/JPY pulls back from three-week high after failing near 159.00

USD/JPY edges lower during the Asian session on Friday, stalling its recent strong move to a three-week high of 159.00 as Japanese Yen bears turn cautious amid intervention fears. Meanwhile, the US Dollar retains a strong bullish undertone as the Fed's hawkish outlook and oil-driven inflation fears continue to push US bond yields to multi-year peaks. Furthermore, the BoJ's dovish rate hike last week might cap JPY and support spot prices.

Gold eyes worst week in a month amid hawkish Fed outlook

Gold is extending Thursday’s late rebound from the weekly low of $4,244 into Asia on Friday, but remains below $4,300. The bullion is headed for its worst week in four weeks amid a hawkish US Federal Reserve outlook and deepening global bond rout.

Crypto exchange Bitget hacked for over $350 million

Cryptocurrency exchange Bitget has been hacked for over $351 million after attackers compromised a few of its hot wallets. The hack was first flagged across several onchain tools, which initially noted over $180 million in assets moving from a few of the exchange's wallets to unidentified addresses.

Treasury announces second oversized bond buyback as it tries to put a lid on yields

The Treasury Department will buy back another $6 billion in long-term Treasuries as it continues efforts to tamp down rising yields. Treasury Secretary Scott Bessent announced this second expanded buyback on Wednesday.

BoJ Recap: Not as hawkish as expected

The Bank of Japan (BoJ) raised its short-term interest-rate target to 1.25% from 1.00% in a 7-2 vote, marking another step in the normalisation of monetary policy and widely matching what everyone has been expecting for weeks.