JPY still under pressure

Jing Ren Orbex

USD/CAD bounces back

The Canadian dollar held as the March retail sales showed a smaller-than-expected contraction. The pair is in a narrowing consolidation between 1.3400 and 1.3560. A bullish breakout would be a decisive signal that the upside has prevailed and the greenback may enjoy an extended recovery to this year’s high of 1.3850 where a follow-through breakout would resume the uptrend in the medium-term. 1.3460 is the first support in case of prolonged hesitation and 1.3400 an effective floor to maintain the upward skew.

EUR/JPY consolidates gains

Improved risk appetite continues to depress the Japanese yen. Sentiment has remained upbeat after the pair bounced off the 30-day SMA (146.50). A close above the previous swing high of 149.20 has forced short-term sellers out, leaving the door open to a potential broader rebound with the round number of 150.00 as the next hurdle. Its breach would carry the euro back to the recent peak of 151.50. 148.30 at the base of the bullish breakout is the first support in case the bulls need to consolidate their gains.

GER 40 rises to all-time high

The Dax 40 reached a fresh peak after a strong earnings season from European companies. The index has recovered back to its all-time high of 16290 which suggests a relentless bullish drive. 16400 is the next target ahead. Though the RSI’s overbought condition in this significant supply area may lead to a fallback if buyers start to bag some of their profits. 16130 is the closest support while the psychological level and resistance-turned-support of 16000 would be a second layer of defence in case of a deeper retreat.

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.

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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.