EUR struggles for support

Jing Ren Orbex

EUR/USD breaks lower

The Euro struggled after retail sales across the bloc remained flat in April. The pair has given up most of the gains from its mid-Mach rally and is heading towards the daily support of 1.0540. The latest bounce has met stiff selling pressure at 1.0780 and the subsequent U-turn sent the single currency back to the base of the rebound at 1.0670 with a tentative break suggesting further weakness. Its breach would invalidate the brief bullish momentum and cause a sell-off below 1.0635. 1.0730 has become a fresh resistance.

AUD/USD bounces back

The Australian dollar jumped after the RBA surprised the market with another tightening move. The price continues to capitalise on its bounce off the base of last November’s rally at 0.6460. A surge above the key support-turned-resistance of 0.6640 has forced more sellers to cover their bets and eased the bearish pressure, clearing the path for a potential extension towards 0.6750. The RSI’s double top in the overbought zone may temporarily limit the bullish fever and 0.6610 is the closest support in case of a retracement.

UK 100 tests resistance

The FTSE 100 bounces back supported by a rally in energy stocks. A V-shaped rebound has brought the index to its first key resistance at 7650 which coincides with the 20-day SMA. A bullish breakout would flush selling interests out and pave the way for an extended recovery to the previous consolidation zone around 7800 where a liquidation kicked off later last month. A close above this major ceiling might trigger a bullish continuation above 8000 in the medium-term. 7520 is an important level to maintain the current momentum.

Author

Jing Ren

Orbex

Jing-Ren has extensive experience in currency and commodities trading. He began his career in metal sales and trading at Societe Generale in London.

EUR/USD hits two-day highs near 1.1820

EUR/USD picks up pace and reaches two-day tops around 1.1820 at the end of the week. The pair’s move higher comes on the back of renewed weakness in the US Dollar amid growing talk that the Fed could deliver an interest rate cut as early as March. On the docket, the flash US Consumer Sentiment improves to 57.3 in February.

GBP/USD reclaims 1.3600 and above

GBP/USD reverses two straight days of losses, surpassing the key 1.3600 yardstick on Friday. Cable’s rebound comes as the Greenback slips away from two-week highs in response to some profit-taking mood and speculation of Fed rate cuts. In addition, hawkish comments from the BoE’s Pill are also collaborating with the quid’s improvement.

Gold climbs further, focus is back to 45,000

Gold regains upside traction and surpasses the $4,900 mark per troy ounce at the end of the week, shifting its attention to the critical $5,000 region. The move reflects a shift in risk sentiment, driving flows back towards traditional safe haven assets and supporting the yellow metal.

Crypto Today: Bitcoin, Ethereum, XRP rebound amid risk-off, $2.6 billion liquidation wave

Bitcoin edges up above $65,000 at the time of writing on Friday, as dust from the recent macro-triggered sell-off settles. The leading altcoin, Ethereum, hovers above $1,900, but resistance at $2,000 caps the upside. Meanwhile, Ripple has recorded the largest intraday jump among the three assets, up over 10% to $1.35.

Three scenarios for Japanese Yen ahead of snap election

The latest polls point to a dominant win for the ruling bloc at the upcoming Japanese snap election. The larger Sanae Takaichi’s mandate, the more investors fear faster implementation of tax cuts and spending plans.

XRP rally extends as modest ETF inflows support recovery

Ripple is accelerating its recovery, trading above $1.36 at the time of writing on Friday, as investors adjust their positions following a turbulent week in the broader crypto market. The remittance token is up over 21% from its intraday low of $1.12.