AUD/USD seeks support
The Australian dollar recovered after a hawkish RBA hinted at further hikes. A drop below the daily support of 0.6870 has dented the optimism in the short-term. The four-month long rally could be in for a bit of consolidation after the aussie cleared the daily resistance at 0.6900 which has turned into a demand zone, with 0.6820 as the lower limit. A bullish RSI divergence showed a slowdown in the sell-off and may attract some buying interest. The psychological level of 0.7000 is the first hurdle should a rebound gain traction.
-638114389083471031.png)
XAU/USD struggles to stabilise
Gold steadies ahead of Fed Chair Jerome Powell’s speech later today. On the daily chart, last April’s sell-off zone around 1950 has proved to be a tough barrier to crack. A sharp fall below 1900 and the 30-day SMA (1880) forced leveraged positions to liquidate, exacerbating volatility. If the current support at 1860 cannot stop the bleeding, 1825 would be the next level to see if bids start to emerge. On the upside, a bounce to the supply zone around 1905 is likely to meet offers from those who caught the falling knife.
FTSE 100 bounces off support
The FTSE 100 edged higher supported by blue chip energy names. A rally above the previous high of 7870 suggests that the directional bias is still up after securing bids along the 20-day SMA (7740). A bounce off the base of the latest breakout (7810) further cements the bulls’ resolve in keeping the uptrend intact. A close above 7910 could bring in momentum buyers and send the price to the milestone at 8000. 7740 now sitting on the 30-day SMA stays as a trailing stop in case of a deeper pullback.
This market forecast is for general information only. It is not an investment advice or a solution to buy or sell securities.
Authors' opinions do not represent the ones of Orbex and its associates. Terms and Conditions and the Privacy Policy apply.
Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange, you should carefully consider your investment objectives, level of experience, and risk appetite. There is a possibility that you may sustain a loss of some or all of your investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
EUR/USD advances to multi-day highs around 1.0860
EUR/USD is surging ahead, rapidly recovering and approaching multi-day highs around 1.0860. This boost comes on the heels of news that the EU might roll out countermeasures to soften the blow of Trump’s impending reciprocal tariffs.
GBP/USD flirts with tops near 1.2970 ahead of Trump's tariffs
GBP/USD is accelerating, challenging weekly highs near 1.2970 as a renewed, sharp drop in the Greenback sets the stage for the US 'reciprocal tariffs' announcement on "Liberation Day" at 20:00 GMT.
Gold looks consolidative near $3,120 ahead of Trump's “Liberation Day”
Gold is regaining momentum, climbing above $3,120 after a slight pullback from Tuesday’s near-record high of $3,150. Retreating US yields are bolstering XAU/USD, ahead of President Trump's official announcement of the reciprocal tariff measures later this Wednesday.
Trump Tariffs: Everything you need to know on “Liberation Day” Premium
The global trading system is about to be upended, but to what extent? Will markets have clarity or is it merely another phase in ongoing trade wars? Some answers are due on Wednesday at 20:00 GMT. Here is preview of the five critical things to watch.
Is the US economy headed for a recession?
Leading economists say a recession is more likely than originally expected. With new tariffs set to be launched on April 2, investors and economists are growing more concerned about an economic slowdown or recession.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.