USD continues to bounce

Jing Ren Orbex

EUR/USD struggles for bids

The US dollar inched higher after the St. Louis Fed president called for another half-point hike. A bearish MA cross on the daily chart indicates waning buying pressure as the euro strives to preserve its gains from the past two months. A break below 1.0850 may have prompted more buyers to bail and sit on the sidelines, turning it into a fresh resistance. The RSI’s oversold situation attracted some bottom buyers with 1.0760 as an immediate support, its breach may trigger a new round of sell-off, sending the exchange rate to 1.0700.

US Oil awaits breakout

WTI crude rebounds as supply tightens with the OPEC+ production cuts going into effect this month. The bulls are still trying to keep the latest bounce off 66.00 valid and the sideways action is a sign of hesitation as both sides look to regain control. 73.40 on the 20-day SMA is the first resistance and a bullish breakout would lead to a test of 76.00 which coincides with the 30-day SMA, foreshadowing a potential recovery. On the downside, a slip below 70.00 would flush out buyers and expose the recent bottom at 66.00.

US 30 attempts to rebound

The Dow Jones 30 weakened after a slew of hawkish comments from Fed officials. The index is struggling to secure a solid footing after bouncing off the psychological level of 33000. While successive breaks above 33450 and 33600 had led short-term sellers to cover and eased the downward pressure, the failure to lift offers around the triple-tested 33750 is a sign of weakness as only its breach would signal a turnaround. A tentative break below 33220 would cause a retest of 30000, potentially triggering a deeper correction.

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.