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AUD/USD Struggles Below 0.7200, Oil Rallies

Key Highlights

  • AUD/USD started a fresh decline from well above 0.7280.
  • It traded below a key contracting triangle with support near 0.7185 on the 4-hours chart.
  • EUR/USD is struggling below 1.1300, and GBP/USD declined below 1.3500.
  • Crude oil price gained pace above the $85.00 resistance level.

AUD/USD Technical Analysis

The Aussie Dollar struggled to clear 0.7300 against the US Dollar. AUD/USD started a fresh decline below the 0.7250 and 0.7220 support levels.

Looking at the 4-hours chart, the pair settled below the 0.7200 level, the 100 simple moving average (red, 4-hours), and the 200 simple moving average (green, 4-hours). Finally, there was a spike below the 0.7120 level.

Earlier, a low was formed near 0.7091 and the pair corrected losses. There was a move above 0.7120 and 0.7125, but upsides were capped. It remained below the 0.7180 and 0.7190 levels. Besides, there was no test of the 50% Fib retracement level of the downward move from the 0.7276 swing high to 0.7091 low.

The pair started a fresh decline below 0.7120 and even broke the 0.7091 low. The next major support sits near the 0.7065 level, below which it could test 0.7000. If there is a fresh increase above 0.7120, the pair could rise towards 0.7200.

Looking at EUR/USD, the pair is showing bearish signs below 1.1300, and GBP/USD extended decline below the 1.3500 support zone.

Economic Releases

  • US Initial Jobless Claims – Forecast 260K, versus 286K previous.
  • US Pending Home Sales for Dec 2021 (YoY) – Forecast -0.2%, versus -2.2% previous.
  • US Durable Goods Orders for Dec 2021 – Forecast -0.5% versus +2.6% previous.
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