NZD/USD attempts to bounce

Jing Ren Orbex

USD/JPY tests support

The Japanese yen clawed back losses after the Q1 GDP beat expectations. The price is consolidating its gains after clearing the major supply area of 138.00 from the daily chart. 138.60 over the 20-day SMA saw buying interests propelling the greenback above the psychological level of 140.00. A close above 140.40 is needed to force the remaining sellers out and trigger an extended rally to the next hurdle at 142.20. Failing that, a drop below 138.60 would expose 137.40 on the 30-day SMA which is the bulls’ second line of defence.

NZD/USD attempts to bounce

The US dollar slipped after last week’s jobless claims came out higher than expected. On the daily chart, a fall below the demand zone of 0.6100 and a bearish MA cross indicate a cautious mood. A bounce to the supply zone around 0.6110 has met stiff selling pressure. A bullish breakout may not mean that the kiwi would be out of the woods yet as sellers could be expected around the support-turned-resistance of 0.6200. The latest low of 0.5990 is an immediate support and its breach would cause a new round of sell-off.

S&P 500 hits 10-month high

The S&P 500 inches higher thanks to a rebound in technology names. Sentiment is still overwhelmingly upbeat as the index grinds its 10-month high at 4310. A bullish breakout would trigger a new round of rally to 4400. However, a bearish RSI divergence indicates a loss of momentum in the rally and could foreshadow a retracement most likely to be driven by profit-taking. A break below the closest support of 4230 would be a confirmation and send the price to the next support at 4170 which coincides with the 30-day SMA.

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.