USD struggles to recover

Jing Ren Orbex

AUD/USD recoups losses

The Australian dollar slid as the RBA minutes showed policymakers may reconsider pausing rate hikes. The selling pressure eased after the pair gained a foothold over 0.6570. A close above last week’s high of 0.6710 reveals interest in keeping the price afloat. The top range of the previous consolidation around 0.6770 is a major resistance and coincides with the 30-day SMA. A bullish breakout could extend the rally towards 0.6900. Otherwise, a drop below 0.6650 would make the aussie resume its downward trajectory.

NZD/USD seeks support

The US dollar retreats as markets stabilise amid the UBS-Credit Suisse rescue deal. A close above the double spike at 0.6260 has forced the remaining sellers to cover their positions, turning the short-term mood around. A temporary retracement may allow the bears to switch sides and offer stronger support. A bounce off the accumulation area above 0.6160 would pave the way for a sustained recovery above 0.6280. This would suggest that the correction from early February on the daily chart could be coming to an end.

Dow Jones 30 tries to rebound

The Dow Jones 30 clawed back losses as traders raised their bets of a pause from the Fed on Wednesday. A tentative break above 32300 previously took some heat off the index but the bulls are not out of the woods yet. Sentiment would remain cautious unless they manage to lift offers in the supply zone around 32850. Then 33500 would be next if a rebound starts to gain traction. Failing that, the current brief consolidation would be followed by a drop below 31440, opening the door to a deeper correction towards 30200.

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.