Will EUR/CAD continue climbing?

JFD Team JFD

EUR/CAD has been in a recovery mode since Friday, when it hit support at 1.5150, slightly below the upside support line drawn from the low of June 2^nd. Yesterday, it emerged above the tentative resistance line taken from the high of June 11^th, but the rally was stopped near 1.5345. Having these technical signs in mind, we will hold a bullish stance, even if we see a small retreat initially.

If the bulls are strong enough to take charge from above the 1.5275 zone, we could see them overcoming the 1.5345 zone soon. That zone acted as a strong resistance back on June 5^th. Such a break may pave the way towards the highs of June 15^th and 16^th, at 1.5395, the break of which may allow extensions towards the peak of June 11^th, at 1.5445.

Shifting attention to our short-term oscillators, we see that the RSI topped slightly below 70, while the MACD, although above both its zero and trigger lines, shows signs that it could top as well. Both indicators detect slowing upside momentum, which makes us careful over a possible small setback before the next leg north.

That said, the move that would prompt us to start considering the bearish case is a dip below Monday’s low at 1.5195. This will take the rate back below the tentative resistance line taken from the high of June 11^th, as well as below the upside one, drawn from the low of June 2^nd. The bears may then get encouraged to shoot for Friday’s low of 1.5150, where a break may open the path towards the 1.5095 territory, marked as a support by the low of June 8^th.

JFDBANK.com - One-stop Multi-asset Experience for Trading and Investment Services

Author

JFD Team

JFD

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.