EUR/USD
4 hour
The EUR/USD was unable to break above resistance (red) and is correcting lower as part of a wave X (lavender) unless price manages to break below the main support level (green).
1 hour
The EUR/USD broke below the support trend line (green) as part of an impulse, which most likely is an ABC zigzag formation (blue).
GBP/USD
4 hour
The GBP/USD continued its rally yesterday and turned at the confluence of the 61.8% Fibonacci target and resistance trend line (red).
1 hour
Yesterday’s ABC (dark green) probably completed the wave W (orange) and the retracement could be part of the wave X (orange).
USD/JPY
4 hour
The USD/JPY is in a bullish breakout but the strong resistance (red) level could stop price as part of a wave X (lavender). The wave count remains labeled a WXY (blue/lavender) unless price manages to break above the resistance.
1 hour
The USD/JPY broke above the resistance trend line (red) but the angle of the break is shallower than the price action movement prior to it, which confirms the corrective price action. The wave count would probably change if price breaks above the 100%-161.8% Fibonacci levels.
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Editors’ Picks
AUD/USD remained bid above 0.6500
AUD/USD extended further its bullish performance, advancing for the fourth session in a row on Thursday, although a sustainable breakout of the key 200-day SMA at 0.6526 still remain elusive.
EUR/USD faces a minor resistance near at 1.0750
EUR/USD quickly left behind Wednesday’s small downtick and resumed its uptrend north of 1.0700 the figure, always on the back of the persistent sell-off in the US Dollar ahead of key PCE data on Friday.
Gold holds around $2,330 after dismal US data
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Bitcoin price continues to get rejected from $65K resistance as SEC delays decision on spot BTC ETF options
Bitcoin (BTC) price has markets in disarray, provoking a broader market crash as it slumped to the $62,000 range on Thursday. Meanwhile, reverberations from spot BTC exchange-traded funds (ETFs) continue to influence the market.
US economy: slower growth with stronger inflation
The dollar strengthened, and stocks fell after statistical data from the US. The focus was on the preliminary estimate of GDP for the first quarter. Annualised quarterly growth came in at just 1.6%, down from the 2.5% and 3.4% previously forecast.