Chart of the Day - EURAUD

Blake Morrow Forex Analytix

Now that the market is past the CPI in Australia (strong data overnight) the market can look past that and towards the ECB next week. The ECB has been one of the more hawkish Central Banks recently and we are not expecting that to change next week. Technically, the EURAUD dropped to the "support zone" that we have noted since early 2021. Also, we hit the 38% retracement of the August lows to December 2022 highs. A shallow 38% Fibonacci retracement keeps the bulls in charge near term. WE are looking for a move back towards the 1.6000 level while we trade above 1.5230

Author

Blake Morrow

Forex Analytix

Blake Morrow spent most of his professional career as the Chief Currency Strategist for Wizetrade group for 15 years, and then the Senior Currency Strategist for Ally Financial after the acquisition of Tradeking which owned the Wizetrade Group.

EUR/USD makes a U-turn, focus on 1.1900

EUR/USD’s recovery picks up further pace, prompting the pair to retarget the key 1.1900 barrier amid further loss of momentum in the US Dollar on Wednesday. Moving forward, investors are expected to remain focused on upcoming labour market figures and the always relevant US CPI prints on Thursday and Friday, respectively.

GBP/USD sticks to the bullish tone near 1.3660

GBP/USD maintains its solid performance on Wednesday, hovering around the 1.3660 zone as the Greenback surrenders its post-NFP bounce. Cable, in the meantime, should now shift its attention to key UK data due on Thursday, including preliminary GDP gauges.

Gold holds on to higher ground ahead of the next catalyst

Gold keeps the bid tone well in place on Wednesday, retargeting the $5,100 zone per troy ounce on the back of modest losses in the US Dollar and despite firm US Treasury yields across the curve. Moving forward, the yellow metal’s next test will come from the release of US CPI figures on Friday.