AUDUSD attempts to rebound
The Australian dollar stalled after GDP growth slowed in the fourth quarter. The price action seems to have gained a secure footing in the 0.6650-0.6700 demand zone near the December swing low. This is a major area for the bulls to fight back and safeguard the uptrend in the medium-term, as a bearish breakout could cause a reversal. 0.6840 is the first hurdle on the hourly chart and its breach would reduce the selling pressure. Further up, 0.6930 is the ceiling to lift before a broader recovery could take shape.
XAUUSD tests resistance
Gold clawed back some losses as the dollar hit a speed bump. A pop above the immediate resistance of 1827 has prompted some sellers to take profit, alleviating the downward pressure. The tip of the previous timid rebound at 1845 coincides with the 20-day SMA, and the bears are expected to sell into strength in this key congestion area. However, a bullish breakout would clear the path for a sustained rally towards 1880 currently sitting next to the 30-day SMA. On the downside, 1823 is the first support.
USOIL bounces back
WTI crude bounces higher as upbeat Chinese PMI brightens the demand outlook. On the daily chart, the price is still in a range trading mode between 72.50 and 82.20. A break above 77.50 has sent sellers packing and set the stage for another leg of rebound with 79.00 as the next target. Solid momentum may even push the commodity to the recent peak at 80.50. 76.10 is the support to gauge the strength of follow-up bids in case of a pullback, and 75.00 is a key level to keep the upward bias intact in the short-term.
