Slobodan Drvenica
Windsor Brokers
EUR/USD
The Euro regains traction after upside rejection and negative close on Tuesday, lifted by weaker dollar in early European trading on Wednesday.
Persisting risk sentiment and rise in German business morale, keep the single currency afloat, but repeated upside failures in past few sessions and daily candles with long upper shadows, warn of strong headwinds and possible stall.
Near-term action struggles to sustain break above 1.1851 pivot (Fibo 38.2% of 1.2011/1.1752) but remains above converged 10/20/30DMA’s (1.1831/46), keeping slight positive bias.
Rising bullish momentum and daily MA’s in positive setup continue to underpin.
Market focuses on Fed’s policy decision, due later today, with expectations for dovish stance from the central bank that could deflate dollar and give fresh boost to Euro.
Res: 1.1881; 1.1900; 1.1912; 1.1950.
Sup: 1.1851; 1.1831; 1.1809; 1.1797.
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AUD/USD: The hunt for the 0.7000 hurdle
AUD/USD quickly left behind Wednesday’s strong pullback and rose markedly past the 0.6900 barrier on Thursday, boosted by news of fresh stimulus in China as well as renewed weakness in the US Dollar.
EUR/USD refocuses its attention to 1.1200 and above
Rising appetite for the risk-associated assets, the offered stance in the Greenback and Chinese stimulus all contributed to the resurgence of the upside momentum in EUR/USD, which managed to retest the 1.1190 zone on Thursday.
Gold holding at higher ground at around $2,670
Gold breaks to new high of $2,673 on Thursday. Falling interest rates globally, intensifying geopolitical conflicts and heightened Fed easing bets are the main factors.
Bitcoin displays bullish signals amid supportive macroeconomic developments and growing institutional demand
Bitcoin (BTC) trades slightly up, around $64,000 on Thursday, following a rejection from the upper consolidation level of $64,700 the previous day. BTC’s price has been consolidating between $62,000 and $64,700 for the past week.
RBA widely expected to keep key interest rate unchanged amid persisting price pressures
The Reserve Bank of Australia is likely to continue bucking the trend adopted by major central banks of the dovish policy pivot, opting to maintain the policy for the seventh consecutive meeting on Tuesday.
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