AUD/USD tests resistance

The Australian dollar struggles as the RBA’s hawkish meeting minutes put a cap on risk appetite. The price action has fallen back to the consolidation area around 0.6800 from late December. The RSI’s double dip in the oversold zone has attracted some buying interests. 0.6930 is the closest hurdle and the bulls will need to lift the top of a previously faded rebound at 0.7010 before they could turn short-term sentiment around. A drop below the fresh support of 0.6810 would extend the correction to the year’s low at 0.6700.

audusd

USD/CHF bounces back

The US dollar consolidates its gains as money markets expect higher peak rates from the Fed. Following a bounce off 0.9150, a pop above this month’s high of 0.9290 has prompted the bears to trim their exposure. 0.9120 at the bottom of the latest rally is a key level to keep the momentum intact. A recovery above 0.9330 would send the greenback to the daily resistance at 0.9400, paving the way for a full-fledged rebound in the medium-term. Failing that, a bearish breakout would trigger a retest of 0.9150.

usdchf

Dow Jones 30 hits resistance

The Dow Jones 30 steadies as traders await Fed minutes. A long upper wick in the supply zone near 34400 suggests rejection after the index struggled to grind higher. A drop below the swing low of 33520 has put the bulls on the defensive. A rising trendline has been supporting the choppy rally in the past two months and is an important level to keep the trajectory up. Its breach at 33480 could trigger a broader liquidation towards the daily support at 33000. 34000 is the first hurdle before the price could make its way back.

DOW JONES

This market forecast is for general information only. It is not an investment advice or a solution to buy or sell securities.

Authors' opinions do not represent the ones of Orbex and its associates. Terms and Conditions and the Privacy Policy apply.

Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange, you should carefully consider your investment objectives, level of experience, and risk appetite. There is a possibility that you may sustain a loss of some or all of your investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Recommended Content


Recommended Content

Editors’ Picks

EUR/USD stays in negative territory below 1.0650

EUR/USD stays in negative territory below 1.0650

EUR/USD stays under bearish pressure and trades in negative territory below 1.0650 on Monday. The data from the Eurozone showed that the consumer sentiment improved slightly in April but failed to help the Euro rebound.

EUR/USD News

GBP/USD drops amid increasing rate cut expectations by the BoE

GBP/USD drops amid increasing rate cut expectations by the BoE

The Pound Sterling lost ground against the US Dollar and dropped to its lowest level since November last year as investors began to price in a more dovish Bank of England. A scarce economic docket in the UK, left GBP/USD traders adrift to market mood and dynamics linked to the buck. Therefore, the pair trades at 1.2350, down 0.12%.

GBP/USD News

Gold pressures $2,330.00, risk of a steeper correction

Gold pressures $2,330.00, risk of a steeper correction

Gold trades on the back foot and loses over 2% on the day below $2,340. Easing geopolitical tensions cause XAU/USD to stage a deep correction, while the resilience of the US Treasury bond yields further weighs on the pair.

Gold News

XRP jumps above $0.50 as Ripple is set to file opposition brief in SEC lawsuit

XRP jumps above $0.50 as Ripple is set to file opposition brief in SEC lawsuit

XRP price climbed to a high of $0.54 on Monday, hours before Ripple files its response to the Securities and Exchange Commission (SEC) remedies-related opening brief. 

Read more

Three fundamentals for the week: US GDP, BoJ and the Fed's favorite inflation gauge stand out Premium

Three fundamentals for the week: US GDP, BoJ and the Fed's favorite inflation gauge stand out

While it is hard to predict when geopolitical news erupts, the level of tension is lower. This week's US figures are set to shape the Fed decision next week – and the BoJ may struggle to halt the Yen's deterioration. 

Read more

Majors

Cryptocurrencies

Signatures