AUD/CHF Trades in Trendless Mode

JFD Team JFD

AUD/CHF traded lower on Wednesday, after it hit resistance near the 0.6820 zone on Tuesday. Overall, the pair has been trading in a trendless mode since September 9^th, between 0.6774 and 0.6845, and thus, we prefer to remain sidelined for now. We will start examining the forthcoming directional move after a clear move out of that range.

In case the slide continues, and the bears decide to push below 0.6774, a forthcoming lower low would be confirmed on the 4-hour chart, something that could turn the short-term outlook negative in our view. Such a dip could initially pave the way towards the 0.6730 zone, marked by the inside swing high of September 5^th, the break of which may set the stage for the 0.6690 territory, marked by an intraday low formed on the same day.

Looking at our short-term oscillators, we see that the RSI lies flat near its 50 line, while the MACD stands slightly above zero, fractionally below its trigger line, and points east as well. These indicators suggest lack of directional speed and support our choice to remain sidelined until the pair escapes from the aforementioned range.

On the upside, a decisive break above 0.6845 may signal the continuation of the prevailing short-term uptrend and could encourage the bulls to drive the battle towards the 0.6900 barrier, near the peak of July 25^th. If that hurdle is not able to halt the advance, then we could see extensions towards the 0.6925 zone.

JFDBANK.com - One-stop Multi-asset Experience for Trading and Investment Services

Author

JFD Team

JFD

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.