Having slipped from the 12-week high, AUD/USD stabilizes around 0.7050 during early Monday morning in Asia. Like other major currency pairs, the Aussie also had to bear the burden of the USD strength on Friday.
The USD/JPY pair flirted with the 108.00 level by the end of the week on renewed demand for the greenback but retreated sharply from the level to settle at around 107.70.
Gold prices on Friday gave back earned ground from the prior session following a dialled back in the markets with respect to Federal Reserve rate cut expectations.
First, the strong bullish move yesterday by Bitcoin, which gained more than $1,000 in 60 minutes. The movement has placed the BTC/USD pair above all major moving averages and opens the door to further rises in the absence of relevant resistance.
Ripple has dived massively from the recent highs. The breakout above both the 50 Simple Moving Average (SMA) 1-D and the 100 SMA 1-D propelled XRP past critical hurdles. For the first in 2019, the price exchanged hands above $0.5.
Litecoin is showing signs of exhaustion from the downtrend experienced from the beginning of July. Recovery to June highs around $146 has been impossible with the path of least resistance having an affinity to the south.
The Ethereum ecosystem is preparing for what is known as the biggest milestone for the network, Ethereum 2.0. The new protocol is still in the development stages and researchers have recently told the community that it is possible that there will be a delay in the launch.
ECB expected to maintain the status quo, but also to hint more easing coming
Choppy price behavior has dominated the EUR/USD pair these last few days, although it spent the week within the previous one’s range, meeting sellers around 1.1280 and holding above July’s low of 1.1192. For the pair, the week was all about central banks and monetary policy.
After bottoming at a fresh multi-year low of 1.2381, the GBP/USD pair began an upward corrective movement that sees it new struggling with the 1.2500 figure. Sterling weakness is a result of mounting speculation about a hard-Brexit, while the pair’s bounce has more to do with broad dollar’s weakness.
The Technical Confluences Indicator shows that GBP/USD pair is trading at a tough resistance area, with an even stronger one at around 1.2505, where it has its 10 DMA, and June’s monthly low. If bulls can clear the level, the pair can extend its gains up to the 1.2540 price zone, although the path toward this last is fulfilled with technical studies that will make the run tough.