AUD/USD Forecast: Slowly grinding lower

Valeria Bednarik FXStreet

AUD/USD Current Price: 0.6049

Australian NAB’s Consumer Confidence plunged to -11 in Q1 from -2.
Crude oil prices’ bounce lent temporal support to the commodity-linked Aussie.
AUD/USD with the risk skewed to the downside, about to challenge 0.6000.

The AUD/USD pair has fallen for a third consecutive day, ending the American session around 0.6040 and having posted a daily low of 0.6006. The pair bounced from the mentioned low amid the strong comeback in oil prices giving temporal support to commodity-linked currencies, although the advance was limited by the prevalent dollar’s demand. Australia released at the beginning of the day the Q1 NAB’s Business Confidence Index, which fell to -11 from -2. During the upcoming Asian session, the country will release the March AIG Performance of Construction Index, previously at 42.7, and the Commonwealth Bank Services PMI, expected to match the preliminary estimate and result at 39.8.

AUD/USD short-term technical outlook

The AUD/USD pair is offering a moderate bearish stance, according to the 4-hour chart, as it continues to trade below its 20 SMA, while around a bearish 100 SMA. Technical indicators in the mentioned chart hold within negative levels, although lacking directional strength. A break below the 0.6000 threshold should open doors for a steeper decline.

Support levels: 0.6035 0.6000 0.5960

Resistance levels: 0.6075 0.6110 0.6150

View Live Chart for the AUD/USD

Author

Valeria Bednarik

FXStreet

Valeria Bednarik was born and lives in Buenos Aires, Argentina. Her passion for math and numbers pushed her into studying economics in her younger years.

EUR/USD hits two-day highs near 1.1820

EUR/USD picks up pace and reaches two-day tops around 1.1820 at the end of the week. The pair’s move higher comes on the back of renewed weakness in the US Dollar amid growing talk that the Fed could deliver an interest rate cut as early as March. On the docket, the flash US Consumer Sentiment improves to 57.3 in February.

GBP/USD reclaims 1.3600 and above

GBP/USD reverses two straight days of losses, surpassing the key 1.3600 yardstick on Friday. Cable’s rebound comes as the Greenback slips away from two-week highs in response to some profit-taking mood and speculation of Fed rate cuts. In addition, hawkish comments from the BoE’s Pill are also collaborating with the quid’s improvement.

Gold climbs further, focus is back to 45,000

Gold regains upside traction and surpasses the $4,900 mark per troy ounce at the end of the week, shifting its attention to the critical $5,000 region. The move reflects a shift in risk sentiment, driving flows back towards traditional safe haven assets and supporting the yellow metal.

Crypto Today: Bitcoin, Ethereum, XRP rebound amid risk-off, $2.6 billion liquidation wave

Bitcoin edges up above $65,000 at the time of writing on Friday, as dust from the recent macro-triggered sell-off settles. The leading altcoin, Ethereum, hovers above $1,900, but resistance at $2,000 caps the upside. Meanwhile, Ripple has recorded the largest intraday jump among the three assets, up over 10% to $1.35.

Three scenarios for Japanese Yen ahead of snap election

The latest polls point to a dominant win for the ruling bloc at the upcoming Japanese snap election. The larger Sanae Takaichi’s mandate, the more investors fear faster implementation of tax cuts and spending plans.

XRP rally extends as modest ETF inflows support recovery

Ripple is accelerating its recovery, trading above $1.36 at the time of writing on Friday, as investors adjust their positions following a turbulent week in the broader crypto market. The remittance token is up over 21% from its intraday low of $1.12.