AUD/USD Price Analysis: Bulls take on prior resistance, eye 0.72s

AUD/USD is taking on the prior resistance following the Fed rally.
A -272% extension opens risk to test the 0.72s and 0.7280 higher up.

Ross J Burland FXStreet

The Australian Dollar rallied to an eight-month high on Thursday following the dovish tilt at the Federal Reserve. The Aussie was at 0.7157 the high today and trading at the best level for the bulls since 0.7283 which was scored in early June. The following illustrates the prospects of higher still with eyes on the 0.72s.

AUD/USD daily chart

The price broke the structure made before September of last year around 0.7130 which leaves scope for a continuation of the bullish cycle after the correction that was made to a deep 61.8% ratio target that had a confluence of the prior resistance.

Zoomed in ...

We can see the classic impulse, correction and fresh impulse in play., taking on the prior resistance. A -272% extension opens risk to test the 0.72s and 0.7280 higher up.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

EUR/USD trims losses, flirts with the 1.1850 zone

EUR/USD is back on the back foot on Wednesday, slipping below the 1.1850 area as the US Dollar picks up some modest traction. The move comes as traders position ahead of a busy run of US data and the release of the FOMC Minutes. Adding to the pullback are reports that the ECB’s Lagarde may step down before completing her term.

GBP/USD flirts with daily highs near 1.3580

GBP/USD manages to set aside two consecutive daily declines and trades with slight gains in the 1.3580 zone on Wednesday. Cable’s uptick comes despite acceptable gains in the Greenback and easing UK inflation figures, which seem to have reinforced the case for a BoE rate cut in March.

Gold regains some shine, retargets $5,000 ahead of FOMC Minutes

Gold gathers fresh upside traction on Wednesday, leaving part of the weakness seen at the beginning of the week and refocusing its attention to the key $5,000 mark per troy ounce, all ahead of the release of the FOMC Minutes and despite the modest uptick in the US Dollar.

Pi Network rally defies market pressure ahead of its first anniversary

Pi Network is trading above $0.1900 at press time on Wednesday, extending the weekly gains by nearly 8% so far. The steady recovery is supported by a short-term pause in mainnet migration, which reduces pressure on the PI token supply for Centralized Exchanges. The technical outlook focuses on the $0.1919 resistance as bullish momentum increases.

Mixed UK inflation data no gamechanger for the Bank of England

Food inflation plunged in January, but service sector price pressure is proving stickier. We continue to expect Bank of England rate cuts in March and June. The latest UK inflation read is a mixed bag for the Bank of England, but we doubt it drastically changes the odds of a March rate cut.

Top 3 Price Prediction: Bitcoin, Ethereum, and Ripple face downside risk as bears regain control

Bitcoin, Ethereum, and Ripple remain under pressure on Wednesday, with the broader trend still sideways. BTC is edging below $68,000, nearing the lower consolidating boundary, while ETH and XRP also declined slightly, approaching their key supports.