US dollar Index bounces back at 95.417; gold pulled back to 1406.00

Denis Joeli Fatiaki Independent Analyst

US dollar Index bounces back at 95.417; gold pulled back to 1406.00

The US dollar finally made a comeback after bouncing at around 95.417 support as per my previous estimate. The US dollar is currently trading just above 95.715 a crucial price point which could determine its next move. The US dollar needs to hold above 95.715 to continue its recovery to the next level at around 95.966. The US dollar could head back down to 95.574 if it fails to stay above 95.715

Author

Denis Joeli Fatiaki

Independent Analyst

Denis Joeli Fatiaki possesses over a decade of extensive experience as a multi-asset trader and Market Strategist.

EUR/USD faces next resistance near 1.1930

EUR/USD continues to build on its recovery in the latter part of Wednesday’s session, with upside momentum accelerating as the pair retargets the key 1.1900 barrier amid a further loss of traction in the US Dollar. Attention now shifts squarely to the US data docket, with labour market figures and the always influential CPI releases due 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.