AUD/USD
The Australian dollar regained traction and advanced towards multi-day range tops, following strong upside rejection on Thursday after the price spiked to 0.6933 but subsequently reversed and closed in the middle of the range.
Solid Chinese data, released overnight signal that the pressure on world’s second biggest economy start to fade that offered fresh support to Aussie.
However, near-term action continues to trade within extended range between 200DMA (0.6887) and 20DMA (0.6921), lacking stronger signal on mixed daily studies.
The pair looks for a catalyst that would generate fresh direction signal and drive the price out of the range.
Pivotal support is marked by 200DMA and firm break here would weaken near-term structure for further weakness. Strong bearish momentum on daily chart supports this scenario.
On the other side, sustained break above pivots at 0.699/21 (Fibo 38.2% of 0.7032/0.6849 / 20DMA) would generate initial bullish signal.
Res: 0.6921; 0.6940; 0.6962; 0.6988
Sup: 0.6887; 0.6877; 0.6849; 0.6835
Interested in AUD/USD technicals? Check out the key levels
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.
Recommended Content
Editors’ Picks
EUR/USD eases below 1.0900 amid cautious mood
![EUR/USD eases below 1.0900 amid cautious mood](https://editorial.fxstreet.com/images/Markets/Currencies/Majors/EURUSD/money-59004818_XtraSmall.jpg)
EUR/USD has erased gains to trade on the back foot below 1.0900 early Tuesday. The pair treads water amid a cautious market mood, as traders weigh the US political updates and China slowdown worries. The US Dollar remains subdued, in the absence of top-tier economic data.
GBP/USD drops toward 1.2900 as US Dollar looks to stabilize
![GBP/USD drops toward 1.2900 as US Dollar looks to stabilize](https://editorial.fxstreet.com/images/Markets/Currencies/Majors/GBPUSD/iStock-900067218_XtraSmall.jpg)
GBP/USD is dropping toward 1.2900, lacking firm direction in European trading on Tuesday. The US Dollar looks to stabilize after the early decline, weighing on the pair. Traders await mid-tier US housing data for fresh trading impetus.
Gold's struggle with $2,400 extends amid market caution
![Gold's struggle with $2,400 extends amid market caution](https://editorial.fxstreet.com/images/Markets/Commodities/Metals/Gold/gold-nuggets-14424039_XtraSmall.jpg)
Gold price is making another attempt to reclaim $2,400 on a sustained basis, replicating the moves seen during Monday’s Asian trading. Gold price appears to be benefiting from a typical market caution and renewed China’s economic worries and ahead of key US earnings reports.
Bitcoin finds support around the $67,000 level
![Bitcoin finds support around the $67,000 level](https://editorial.fxstreet.com/images/Markets/Currencies/Cryptocurrencies/cryptocurrenciesusd_XtraSmall.jpg)
Bitcoin and Ripple prices are holding steady around their respective weekly and daily support levels, hinting at an imminent rally. Meanwhile, Ethereum is encountering resistance at the $3,530 mark; a decisive close above this level would signal a bullish breakthrough.
Earnings review
![Earnings review](https://editorial.fxstreet.com/images/Psychology/earning-balance-26172140_XtraSmall.jpg)
While Nvidia’s results are still extremely important for overall sentiment, there is a hope that sales growth and revenues can pick up across a broad range of global markets and sectors.