EUR/USD finds support
The US dollar pulls back as market sentiment stabilises. Coming off the start of the February sell-off at 1.0930, the pair is looking to keep the correction in check. The base of the bullish breakout at 1.0710 is an important level to retain the momentum. Its breach would dent the short-term optimism and trigger a deeper retracement towards 1.0600. The RSI’s oversold condition attracted some buying interests in the demand zone, but the bulls will need to reclaim 1.0860 before a higher high could materialise.
AUD/USD tests resistance
The Australian dollar may struggle over lacklustre retail figures in February. A drop below the swing low of 0.6650 has put the bulls on the defensive and proved that the supply zone around 0.6750 and on the 30- day SMA to be a tough level to crack for now. Sentiment remains cautious and 0.6620 might be buyers’ last chance to turn the tide with 0.6700 as the first hurdle to clear. A bearish breakout would cause a retest of this month’s low at 0.6570 where the aussie could be vulnerable to another leg of sell-off.
US 30 attempts to rebound
The Dow Jones 30 rallies as news of more emergency lending ease concerns about bank failures. A long spike at the support-turned-resistance of 32750 suggests strong resistance at last week’s breakout attempt. However, solid buying seems to have emerged in the demand zone 31450-31750. A convincing break above 32750 would prompt sellers to cover their positions and help buyers regain control of the direction in the short-term. Then 33500 would be the next target. Failing that, a fall below 31450 would expose 31000.
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
Editors’ Picks
EUR/USD bounces off lows, retests 1.1370
Following an early drop to the vicinity of 1.1310, EUR/USD now manages to regain pace and retargets the 1.1370-1.1380 band on the back of a tepid knee-jerk in the US Dollar, always amid growing optimism over a potential de-escalation in the US-China trade war.
GBP/USD trades slightly on the defensive in the low-1.3300s
GBP/USD remains under a mild selling pressure just above 1.3300 on Friday, despite firmer-than-expected UK Retail Sales. The pair is weighed down by a renewed buying interest in the Greenback, bolstered by fresh headlines suggesting a softening in the rhetoric surrounding the US-China trade conflict.
Gold remains offered below $3,300
Gold reversed Thursday’s rebound and slipped toward the $3,260 area per troy ounce at the end of the week in response to further improvement in the market sentiment, which was in turn underpinned by hopes of positive developments around the US-China trade crisis.
Ethereum: Accumulation addresses grab 1.11 million ETH as bullish momentum rises
Ethereum saw a 1% decline on Friday as sellers dominated exchange activity in the past 24 hours. Despite the recent selling, increased inflows into accumulation addresses and declining net taker volume show a gradual return of bullish momentum.
Week ahead: US GDP, inflation and jobs in focus amid tariff mess – BoJ meets
Barrage of US data to shed light on US economy as tariff war heats up. GDP, PCE inflation and nonfarm payrolls reports to headline the week. Bank of Japan to hold rates but may downgrade growth outlook. Eurozone and Australian CPI also on the agenda, Canadians go to the polls.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.