USD consolidates across board

Jing Ren Orbex

USD/CHF grinds key support

The US dollar treads water as initial jobless claims disappoint. After forming a double top at 1.0050 on the daily chart, the pair is struggling to hold above June’s lows (0.9560). A bullish RSI divergence showed a slowdown in the sell-off, which might prompt intraday sellers to cover in the demand zone. The bulls will need to push above the support-turned-resistance at 0.9800 to trigger a broader rally and ease the pressure. Otherwise, a drop below 0.9560 may cause another round of sell-off and send the pair to 0.9400.

NZD/USD breaks support

The New Zealand dollar weakens as commodity prices fall amid fears of recession. A bearish MA cross on the daily chart points to an acceleration to the downside, further weighing on overall sentiment. A fall below 0.6250 has put early bulls on the defensive, invalidating the latest rebound in the process. 0.6210 is the last stronghold and its breach would signal further weakness. The bears may look to sell into strength as the kiwi inches back into its downtrend. 0.6350 is a key hurdle in case of a bounce.

US 100 attempts to bounce back

The Nasdaq 100 recovers as recession worries may temper the Fed’s eagerness to raise rates later this year. The index is hovering above November 2020’s lows at 11050. Profit-taking and fresh buying have stabilised the price action for now. 11950 is the next resistance and its breach could open the door for a rally towards 12500 where selling pressure could be expected. Sentiment would remain bearish in the medium-term unless the bulls succeed in lifting that hurdle. 11300 is the immediate support if the index struggles.

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

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.