AUDUSD: Resistance will be seen at the trend highs at around 0.7630/35

Jim Langlands FX Charts

AudUsd has drifted lower on the back of Dudley’s comments and currently sits at 0.7600 after having found support at 0.7585.

While the daily momentum indicators are pointing higher, the short term momentum indicators look a little heavy and for the current session we could see a retest of the 9.7585 area, below which would then open up last Friday’s low of 0.7575 and the 100 DMA at 0.7560, which should be good support if we get there. Below there could see a run to 0.7525/35 although I am doubtful that we see it down here today.

On the topside, resistance will be seen at the trend highs at around 0.7630/35; beyond which would find offers at 0.7645/50, and further gains could potentially test the descending trend resistance levels seen at 0.7695 and eventually at 0.7725.

The House Price Index and the RBA Minutes will provide the momentum today. The outlook is mixed and a cautious stance is required.

Economic data highlights will include:

House Price Index (Q1), RBA Minutes

Author

Jim Langlands

FX Charts

Jim Langlands began his trading career in the commodities markets in London in 1976, before moving to Australia in 1979 to work as a floor trader on the Sydney Futures Exchange.

EUR/USD remains on the back foot below 1.1850

EUR/USD resumes its downtrend on Wednesday, navigating the area below the 1.1850 level in a context of modest gains in the US Dollar, while investors gear up for a slew of US data prior to the publication of the key FOMC Minutes.

GBP/USD defends 1.3550 after UK inflation data

GBP/USD is holding above 1.3550 in Wednesday's European morning, little changed following the UK Consumer Price Index (CPI) data release. The UK inflation eased as expected in January, reaffirming bets for a March BoE interest rate cut, especially after Tuesday's weak employment report.

Gold retains bullish bias amid Fed rate cut bets, ahead of Fed Minutes

Gold sticks to modest intraday gains through the early European session, reversing a major part of the previous day's heavy losses of more than 2%, to the $4,843-4,842 region or a nearly two-week low. That said, the fundamental backdrop warrants caution for bulls ahead of the FOMC Minutes, which will look for more cues about the US Federal Reserve's rate-cut path.

Pi Network rally defies market pressure ahead of its first anniversary

Pi Network is trading above $0.1900 at press time on Wednesday, extending the weekly gains by nearly 8% so far. The steady recovery is supported by a short-term pause in mainnet migration, which reduces pressure on the PI token supply for Centralized Exchanges. The technical outlook focuses on the $0.1919 resistance as bullish momentum increases.

Mixed UK inflation data no gamechanger for the Bank of England

Food inflation plunged in January, but service sector price pressure is proving stickier. We continue to expect Bank of England rate cuts in March and June. The latest UK inflation read is a mixed bag for the Bank of England, but we doubt it drastically changes the odds of a March rate cut.

Top 3 Price Prediction: Bitcoin, Ethereum, and Ripple face downside risk as bears regain control

Bitcoin, Ethereum, and Ripple remain under pressure on Wednesday, with the broader trend still sideways. BTC is edging below $68,000, nearing the lower consolidating boundary, while ETH and XRP also declined slightly, approaching their key supports.