AUD/USD Technical Analysis: Slips back closer to 100-hour SMA support, near 0.7100 handle

Haresh Menghani FXStreet

• Having struggled to make it through 0.7150 supply zone, the pair met with some fresh supply on Tuesday and eroded a major part of the overnight up-move to 1-1/2 week tops.

• Technical indicators on the 1-hourly chart have also started drifting into negative territory and thus, increase prospects for an extension of the intraday downfall.

• A convincing break below 100-hour SMA, leading to a subsequent fall below the 0.7100 handle will reinforce the negative outlook and prompt some fresh technical selling.

AUD/USD 1-hourly chart

AUD/USD

Overview:
    Last Price: 0.7119
    Daily change: -11 pips
    Daily change: -0.154%
    Daily Open: 0.713
Trends:
    Daily SMA20: 0.7175
    Daily SMA50: 0.7225
    Daily SMA100: 0.7337
    Daily SMA200: 0.7549
Levels:
    Daily High: 0.715
    Daily Low: 0.7099
    Weekly High: 0.7141
    Weekly Low: 0.7041
    Monthly High: 0.7316
    Monthly Low: 0.7041
    Daily Fibonacci 38.2%: 0.713
    Daily Fibonacci 61.8%: 0.7118
    Daily Pivot Point S1: 0.7103
    Daily Pivot Point S2: 0.7075
    Daily Pivot Point S3: 0.7052
    Daily Pivot Point R1: 0.7154
    Daily Pivot Point R2: 0.7177
    Daily Pivot Point R3: 0.7205

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 keeps the rangebound trade near 1.1850

EUR/USD is still under pressure, drifting back towards the 1.1850 area as Monday’s session draws to a close. The modest decline in spot comes as the US Dollar picks up a bit of support, while thin liquidity and muted volatility, thanks to the US market holiday, are exaggerating price swings and keeping trading conditions choppy.

GBP/USD flirts with daily lows near 1.3630

GBP/USD has quickly given back Friday’s solid gains, turning lower at the start of the week and drifting back towards the 1.3630 area. The focus now shifts squarely to Tuesday’s UK labour market report, which is likely to keep the quid firmly in the spotlight and could set the tone for Cable’s next move.

Gold sticks to a negative bias below $5,000; lacks bearish conviction

Gold remains depressed for the second consecutive day and trades below the $5,000 psychological mark during the Asian session on Tuesday, as a positive risk tone is seen undermining safe-haven assets. Meanwhile, bets for more interest rate cuts by the Fed keep a lid on the recent US Dollar bounce and act as a tailwind for the non-yielding bullion, warranting caution for bearish traders ahead of FOMC minutes on Wednesday.

AI Crypto Update: Bittensor eyes breakout as AI tokens falter

The artificial intelligence (AI) cryptocurrency segment is witnessing heightened volatility, with top tokens such as Near Protocol (NEAR) struggling to gain traction amid the persistent decline in January and February.

US CPI is cooling but what about inflation?

The January CPI data give the impression that the Federal Reserve is finally winning the war against inflation. Not only was the data cooler than expected, but it’s also beginning to edge close to the mystical 2 percent target. CBS News called it “the best inflation news we've had in months.”

XRP steadies in narrow range as fund inflows, futures interest rise

Ripple is trading in a narrow range between $1.45 (immediate support) and $1.50 (resistance) at the time of writing on Monday. The remittance token extended its recovery last week, peaking at $1.67 on Sunday from the weekly open at $1.43.