XAU remains high

Jing Ren Orbex

EUR/GBP breaks resistance

The pound struggles as a jump in February’s CPI may force the BoE to press for more rate hikes. The euro has bounced off this year’s low of 0.8730 and a subsequent surge above the key supply area around 0.8840 prompted sellers to cover their positions, easing the downward pressure. As the RSI flirts again with the overbought area, the next step is to see follow-up buying around the fresh support of 0.8810. A close above 0.8870 would attract more momentum buyers and extend the rally to the March high of 0.8920.

XAU/USD tests peak

Gold bounces back as safe haven demand jumps amid ongoing tightening. The precious metal has soared to a 11-month high at the psychological level of 2000. While the bullish MA cross shows an acceleration to the upside, the RSI’s double top in the overbought area suggests that the bulls could use some breathing room. On the hourly chart, 1935 saw bids from short-term trend-followers. Further down, 1874 over the 20-day SMA would be the bulls’ second layer of defence. A pop above 2005 would resume the climb.

S&P 500 drops back

The S&P 500 closed lower after the Fed kept its options open for future hikes despite systemic worries. After the market stabilised and found a bottom at 3820, a series of higher lows has helped the index claw back previous losses. However, the supply zone between the psychological level of 4000 from a previous sell-off and 4010 has proven to be a tough hurdle to overcome with a shooting star suggesting a rejection of the breakout. With the RSI back into the oversold area 3870 is a key support to keep the recent recovery valid.

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.