Gold may break higher

Jing Ren Orbex

USD/CHF struggles for bids

The US dollar tries to stabilise after the market saw a low probability of further interest rate increases after July. The sell-off seems to be slowing down after the RSI repeatedly showed a deeply oversold greenback. An oversold RSI on the daily chart is another sign of exhaustion and could cause a snapback if sellers start to take some chips off the table. Trend followers are likely to be waiting to sell into strength and 0.8700 would be the first area to probe for resistance. 0.8550 is the closest level to see if the bleeding would stop.

EUR/GBP tests key resistance

The pound pulls lower as traders reposition ahead of the UK’s CPI on Wednesday. After a bit of hesitation below the previous swing high of 0.8580, a convincing bullish breakout indicates a strong enough pressure as the euro strives to cement its base above 0.8500 and to bottom out. The support-turned-resistance of 0.8600 is a key hurdle and its breach would help the bulls take over the short-term direction, exposing the recent top of 0.8655. 0.8570 at the start of the latest breakout is the first support in case of a retracement.

XAU/USD finds support

Gold consolidates gains as a lack of catalyst helps the post-CPI rally catch its breath. A bounce above the supply zone of 1937 and the 30-day SMA has prompted sellers to cover, easing the downward pressure. The direction is still skewed to the upside from the daily chart’s perspective and the current rebound could attract the bulls’ attention. 1966 is the next obstacle to clear, then June’s high of 1982 would be the bears’ last stronghold. On the downside, 1933 is a fresh support 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.