• The pair extended this week's sharp retracement slide near five-month tops and has been trending lower alongside a short-term descending trend-channel formation on the 1-hourly chart.
• Bullish rejection near the 0.7400 handle and failure ahead of the very important 200-day SMA continues to prompt some heavy long-unwinding pressure for the third consecutive session.
• Technical indicators on 1-hourly/4-hourly charts are already pointing to slightly near-term oversold conditions but have just started gaining negative momentum on the daily chart.
• The pair has now dropped to over one-week lows and the set-up points to a continuation of the downfall, though warrant some near-term consolidation before the next leg lower.
AUD/USD 1-hourly chart
AUD/USD
Overview:
Today Last Price: 0.7219
Today Daily change: -50 pips
Today Daily change %: -0.688%
Today Daily Open: 0.7269
Trends:
Previous Daily SMA20: 0.7267
Previous Daily SMA50: 0.7185
Previous Daily SMA100: 0.724
Previous Daily SMA200: 0.7416
Levels:
Previous Daily High: 0.7356
Previous Daily Low: 0.7259
Previous Weekly High: 0.7345
Previous Weekly Low: 0.7199
Previous Monthly High: 0.7345
Previous Monthly Low: 0.7072
Previous Daily Fibonacci 38.2%: 0.7296
Previous Daily Fibonacci 61.8%: 0.7319
Previous Daily Pivot Point S1: 0.7233
Previous Daily Pivot Point S2: 0.7198
Previous Daily Pivot Point S3: 0.7136
Previous Daily Pivot Point R1: 0.733
Previous Daily Pivot Point R2: 0.7392
Previous Daily Pivot Point R3: 0.7428
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
USD/JPY jumps above 156.00 on BoJ's steady policy
USD/JPY has come under intense buying pressure, surging past 156.00 after the Bank of Japan kept the key rate unchanged but tweaked its policy statement. The BoJ maintained its fiscal year 2024 and 2025 inflation forecast, disappointing the Japanese Yen buyers.
AUD/USD consolidates gains above 0.6500 after Australian PPI data
AUD/USD is consolidating gains above 0.6500 in Asian trading on Friday. The pair capitalizes on an annual increase in Australian PPI data. Meanwhile, a softer US Dollar and improving market mood also underpin the Aussie ahead of the US PCE inflation data.
Gold price keeps its range around $2,330, awaits US PCE data
Gold price is consolidating Thursday's rebound early Friday. Gold price jumped after US GDP figures for the first quarter of 2024 missed estimates, increasing speculation that the Fed could lower borrowing costs. Focus shifts to US PCE inflation on Friday.
Stripe looks to bring back crypto payments as stablecoin market cap hits all-time high
Stripe announced on Thursday that it would add support for USDC stablecoin, as the stablecoin market exploded in March, according to reports by Cryptocompare.
US economy: Slower growth with stronger inflation
The US Dollar strengthened, and stocks fell after statistical data from the US. The focus was on the preliminary estimate of GDP for the first quarter. Annualised quarterly growth came in at just 1.6%, down from the 2.5% and 3.4% previously forecast.