USD bounces higher

Jing Ren Orbex

EUR/USD breaks demand zone

The US dollar surged over fewer jobless claims last week. A fall below 1.0200 has weighed on sentiment, invalidating the latest bounce. The former support has turned into a resistance. The euro’s failure to hold above the previous consolidation area at 1.0120 suggests that the directional bias is still down. The RSI’s oversold condition may attract some bargain hunters, but buyers need to clear 1.0200 before the pair could get back on track. 1.0030 is the next support and a breach could trigger momentum selling below parity.

USD/JPY continues to recover

The Japanese yen softened as July’s core CPI was in line with expectations. A break above this month’s high at 135.50 indicates renewed interest in the US dollar. As the uptrend remains intact in the medium-term, the bulls may look for opportunities to accumulate. An extended recovery could pave the way for a trend continuation. 137.40 at the start of a sell-off in late July is an important resistance. Its breach may carry the pair to the recent peak at 139.40. On the downside, 134.80 is the first support in case of a pullback.

NAS 100 consolidates gains

The Nasdaq 100 consolidates as the Fed stays committed to raising rates to rein in inflation. The market mood further improved after a close above last May’s high at 13500. However, the RSI has edged again into the overbought zone on the daily chart and suggests that the bull run could use some breathing room. The index is consolidating its gains above 13280 which coincides with the 20-day moving average. Buying interest could be expected in this congestion area. A rally above 13700 could lift offers towards 14200.

Author

Jing Ren

Orbex

Jing-Ren has extensive experience in currency and commodities trading. He began his career in metal sales and trading at Societe Generale in London.

EUR/USD hits two-day highs near 1.1820

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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.

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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.