EUR/USD keeps trading within a range

JFD Team JFD

EUR/USD traded higher on Tuesday, after hitting support slightly above the 1.0770 barrier, which has been acting as the lower boundary of the range that’s been containing most of the price action since April 1^st. The upper end stands at around 1.0990. As long as the rate continues to trade between those two boundaries, we will hold a flat stance.

That said, bearing in mind today’s rebound, we would see more chances for the pair to continue drifting higher within the range, rather than breaking the lower end trading south. However, in order to get more confident on that front, we would like to see a move above Friday’s high, at 1.0875. Such a move may initially pave the way towards last Tuesday’s peak, at around 1.0925, the break of which may allow extensions towards the upper end of the range, at 1.0990.

Looking at our short-term oscillators, we see that the RSI rebounded recently, but before hitting its 50 line, it ticked down again, while the MACD lies fractionally below both its zero and trigger lines. Neither indicator is pointing to clear directional momentum, which adds further credence to our view of waiting for a break above 1.0875 before getting confident on more recovery.

On the downside, we would like to see a dip below the range’s lower end, at 1.0770, before we start examining whether the bears have gained the upper hand. This may initially trigger declines towards the low of April 24^th, at 1.0727. Another break, below 1.0727, may set the stage for the 1.0667 level, or the 1.0635 hurdle, defined as support by the low of March 22^nd.

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.