AUD tries to bounce back

Jing Ren Orbex

AUD/USD tests resistance

The Australian dollar inched higher after the RBA reiterated that further tightening might be needed. The price action has stabilised over 0.6600 and a steady grind upward suggests that sellers have taken some bets off the table. The top of a previous brief rebound at 0.6720 is an important resistance as its breach would prompt more sellers to take profit and ease the pressure. On the downside, 0.6640 is the immediate support to keep the rebound momentum flowing and 0.6600 is a critical floor further down.

EUR/JPY grinds support

The yen holds as Japan's Finance Minister’s warning against yen selling fuels intervention chatter. As the price hovers under 158.00, the daily RSI’s overbought situation may cause a pullback if buyers are reluctant to chase after high offers. Sentiment remains extremely upbeat and the bulls may look to keep the direction intact. 156.70 is the first level to expect follow-through bids. Further down, the psychological level of 155.00 sits at the confluence of a previous swing low and the 30-day SMA, making it a major support to monitor.

FTSE 100 awaits breakout

The FTSE 100 struggles with momentum in the wake of soft UK PMI. Sentiment has turned cautious after the index touched a three-month low (7400). A bounce above the first resistance of 7515 has prompted short-term sellers to cover and given the buy side some respite. 7560 on the 30-day SMA is a key hurdle to lift before the index could enjoy a broader recovery towards June’s peak of 7685. The demand zone 7460-7500 is a major level to keep the rebound valid or a deeper correction would send the index to 7300.

Author

Jing Ren

Orbex

Jing-Ren has extensive experience in currency and commodities trading. He began his career in metal sales and trading at Societe Generale in London.

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.