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The above chart shows hourly price action. Key resistance may potentially be at the confluence of factors including the central pivot (P), price congestion resistance (green rectangle) and the 50% retracement level. The stochastic needs to move to more seller friendly areas (green ellipse). A pullback in the EURUSD may create a “sell the rally in a downtrend” opportunity.
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AUD/USD recovers to near 0.6300 as US Dollar retreats
AUD/USD has trimmed losses to trade near 0.6300 in Thursday's Asian session. The US Dollar sees a sharp pullback from three-week highs after US President Trump announced some tariff exemptions on auto part imports, supporting the pair. However, buyers remain caution amid fears of global trade war escalation.
USD/JPY drops to test 150.00, tracks US Dollar pull
USD/JPY is dropping to test 150.00 in the Asian session on Thursday. The pair meets fresh supply in tandem with the US Dollar on US President Trump's latest tariff exemption announcement. Further, hawkish BoJ bets and the risk-off impulse also underpin the safe-haven Japanese Yen, aiding the latest leg down
Gold price sticks to positive bias above $3,000 on safe-haven demand
Gold price ticks higher in the Asian session on Thursday as worries about Trump's tariff plans continue to benefit the safe-haven bullion. This combined with a fresh US Dollar selliing from a three-week high add to Gold price upside. Traders now look to tariff updates and Friday's US PCE data for further impetus.
Stablecoin mania kicks off as Wyoming and Fidelity join the race
According to Governor Mark Gordon, the state of Wyoming has joined the race for a stablecoin, following plans to launch WYST, a US Dollar-backed token in July. WYST will be fully backed by US Treasuries, cash, and repurchase agreements, with a capitalization requirement of at least 102%.
Sticky UK services inflation shows signs of tax hike impact
There are tentative signs that the forthcoming rise in employer National Insurance is having an impact on service sector inflation, which came in a tad higher than expected in February. It should still fall back in the second quarter, though, keeping the Bank of England on track for three further rate cuts this year.
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