AUD/USD: The 0.6500 psychological mark is key to maintain the uptrend

FXStreet Team FXStreet

AUD/USD has hit new highs over vaccine hopes but lost ground amid geopolitical concerns. Late May's daily chart is painting a mixed picture, Yohay Elam, an analyst at FXStreet, reports.

Key quotes

“AUD/USD is trading within an uptrend channel, formed around the end of April. While upside momentum on the daily chart has waned, the currency pair has topped the 100-day SMA. It remains below the 200-day SMA but above the 50-day one.”

“Some resistance awaits at 0.6560, which held AUD/USD down in mid-May. It is followed by 0.6610, the peak this month, and then by 0.6680.”

“Support awaits at 0.65, which is a psychologically significant level and nearly converges with the 100-day SMA. Below the uptrend support line, the next cushion is at 0.6375, which is a double-top from early May.”

Author

FXStreet Team

FXStreet

EUR/USD struggles below 1.1800 ahead of US data, Fedspeak

EUR/USD remains trapped in a tight range below 1.1800 in the European session on Tuesday. The pair struggles amid a modest US Dollar strength and an improvement in risk sentiment, even as US tariff uncertainty lingers. The focus now remains on the US data and Fedspeak.

GBP/USD stays defensive below 1.3500 as USD firms up

GBP/USD stays on the back foot below 1.3500 in the European trading hours on Tuesday. The pair declines as the US Dollar rebounds from losses recorded over the previous two sessions. Traders will focus on the US weekly ADP Employment Change and Consumer Confidence data due later in the day, along with speeches from Federal Reserve officials.

Gold holds pullback below $5,200 amid USD uptick

Gold holds moderate losses below $5,200 in European trading on Tuesday, though it lacks follow-through selling. Following the previous day's knee-jerk fall in reaction to US President Donald Trump's new global tariffs and the subsequent bounce, the US Dollar attracts fresh buyers ahead of mid-tier data and Fedspeak.

Dogecoin, Shiba Inu, and Pepe extend losses on bearish signals

Meme coins are facing renewed selling pressure amid fading broad risk-on sentiment so far this week, with Dogecoin, Shiba Inu, and Pepe extending their losses after recent corrections.

Supreme Court nixes tariffs, Trump teases 15% global tariff

On February 20th, the Supreme Court ruled that Trump’s global tariffs under IEEPA authority were unconstitutional, effectively nullifying the framework. However, the relief was short-lived. Within hours, Trump floated a 15% blanket tariff under an alternative legal authority.

Dogecoin, Shiba Inu, and Pepe extend losses on bearish signals

Meme coins are facing renewed selling pressure amid fading broad risk-on sentiment so far this week, with Dogecoin, Shiba Inu, and Pepe extending their losses after recent corrections.