USD/JPY: Daily
Looks like USD/JPY could be in for a much larger retracement! On its daily forex time frame, the pair is still showing signs of pulling back to the long-term rising trend line. Stochastic has already reached the oversold area but hasn’t quite crossed up yet, indicating that there’s a bit of selling pressure left. Using the handy-dandy Fib tool on the latest swing low and high shows that the 50% to 61.8% Fibonacci retracement level are closest to the trend line, which is also around the 104.50 to 105.00 psychological levels. Waiting for reversal candlesticks on the Fibs and trend line might be a good idea if you’re planning to go long!
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EUR/USD stays in positive territory near 1.0650
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GBP/USD stabilizes at around 1.2450 after UK inflation data
GBP/USD consolidates its daily gains near 1.2450 after recovering toward 1.2500 with the immediate reaction to stronger-than-expected inflation data from the UK. The renewed US Dollar weakness also helps the pair hold its ground.
Gold eases despite risk-off mood
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XRP tests $0.50 resistance after Ripple CLO clarifies that no pretrial conference took place with SEC
XRP is stuck below $0.50 resistance after failing to close above this level since Monday. Ripple CLO Stuart Alderoty said late Tuesday there was no pretrial conference since the SEC dropped charges against executives.
World economy: To cut or not to cut (simultaneously)?
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