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20 Jan 2024

AUD/USD Price Analysis: Hurdles 200-DMA and turns bullish, eyeing 0.6600

  • AUD/USD gains 0.34% on positive sentiment, defying a negative housing market report impact.
  • Neutral bias with an upside tilt; breach of 200-DMA at 0.6579 may target 0.6600 and 0.6639.
  • Downside risks include 200-DMA at 0.6579 and the January 17 low of 0.6523 before testing 0.6500.

The Australian Dollar (AUD) registers solid gains from the US Dollar (USD) amid an upbeat market mood following the release of an improvement in consumer sentiment and a bad housing market report. At the time of writing, the AUD/USD exchanges hands at 0.6373, gains 0.34%.

The daily chart portrays the pair as neutral biased, though tilted to the upside, after breaking above the 200-day moving average (DMA) at 0.6579. Further upside is seen at 0.6600, followed by the 50-day moving average (DMA) at 0.6639. Once surpassed, the next stop would be the January 12 cycle high at turned resistance at 0.6728.

For a bearish resumption, AUD/USD first support would be the 200-DMA at 0.6579, followed by the January 17 daily low of 0.6523. A drop below that level, and sellers could challenge the 0.6500 figure

AUD/USD Price Action – Daily Chart

AUD/USD Technical Levels

 

Jan 20, 2024

S&P 500 closes at all-time high in Friday risk rally led by tech sector rip

The Standard & Poor’s drove to a new all-time high of $4,839.58 on Friday as equities broadly rallied as investors pile into future earnings bets on large-cap tech stocks, with chip-makers loosely associated with AI tech projects leading the charge.
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Jan 22, 2024

AUD/USD consolidates around the 0.6600 mark on the softer USD

The AUD/USD pair consolidates around the 0.6600 mark during the early Asian session on Monday.
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