Note: USDX is in a Sideways move and close to the bottom – watch for a bounce or breakout. Be aware that that could change in a heartbeat and will affect the currencies below. ATR’s are still dropping.
$EURUSD
What ProAct Traders See: Bearish: We are currently sitting @ 1.2365 in a symmetrical triangle. We have divergence for the downside move so are looking for a continuation to the 0.618 Fibo @ 1.1953 and then a bounce and further move to 1.1789. The average daily true range (ATR) for the pair currently is 81 pips.
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$USDJPY
What ProAct Traders See: Waiting: We are currently @ 104.96 in a range. We have divergence for the upside move so are cautiously awaiting the start of a bullish move but could have one more move to the downside before that happens. We will be looking for a continuation to the 0.500 Fibo @ 106.46. The average daily true range (ATR) for the pair currently is 72 pips.
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$GBPUSD
What ProAct Traders See: Bearish: Cable is currently sitting @ 1.4139 in a range. We are looking for a reversal and then a continuation to the 0.786 Fibo @ 1.3850. The average daily true range (ATR) for the pair is 97 pips.
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$AUDUSD – A great smooth currency for Newbie’s!
What ProAct Traders See: Bearish: Aussie is @ 0.7702 in a large channel in a range. We are watching for a continuation down to the Day support@ 0.7500 area. The average daily true range (ATR) for the pair currently is 59 pips.
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EUR/USD slumps to near 1.1700 on firmer US Dollar, FOMC Minutes in focus
The EUR/USD pair tumbles to near 1.1705 during the Asian trading hours on Wednesday. The Euro weakens against the Greenback as renewed tariff threats from US President Donald Trump unsettle markets. Traders await the FOMC Minutes, which will be released later on Wednesday.
GBP/USD remains below 1.3600 due to risk-off mood, UK fiscal concerns
GBP/USD extends its losing streak, trading around 1.3580 during the Asian hours on Wednesday. The pair depreciates as the US Dollar gains ground amid increased risk aversion. On Tuesday, US President Donald Trump told reporters at a White House cabinet meeting to impose a 50% tariff on Copper imports but he did not say when the tariff would take effect.
Gold price slides further below $3,300, over one-week low amid a firmer USD
Gold price remains under some selling pressure amid reduced bets for a Fed rate cut in July. The USD stands firm near a two-week high and contributes to the commodity’s offered tone. Tariff jitter weigh on investors’ sentiment, though it does little to impress the XAU/USD bulls.
Bitcoin, Ethereum and Ripple holds ground while ETH and XRP eye further gains
Bitcoin, Ethereum, and Ripple present a mixed but optimistic outlook midweek as BTC holds steady while ETH and XRP show signs of renewed bullish momentum. BTC is stabilizing at a critical support level; meanwhile, ETH and XRP are eyeing a move toward higher targets.
New US tariffs target Asia, but some countries stand to gain
President Trump’s new tariffs are higher than expected for most Asian economies. Moreover, most countries will face additional tariff rates on transshipments. The new announcements are silent on Singapore, India and the Philippines, which might stand to benefit from tariff concessions if negotiations progress favourably.
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