US Pre Market Open: New trade set ups for USD/JPY and EUR/CAD, charting, gold, oil, stocks, and commodities

AUD/USD meets fresh supply and eases below 0.7100 following the release of dismal Australian Trade Balance data on Thursday. A record-low growth target set by China for 2026 also weighs on the Chinese proxy, the Australian Dollar, while the US Dollar finds fresh bids amid the ongoing geopolitical tensions in the Middle East. 

USD/JPY bounces back to near 157.00, cutting losses in the Asian session on Thursday. Renewed US Dollar demand amid Middle East and China concerns outweighs fears of Japanese intervention, aiding the pair's recovery. 

Gold is building on the previous rebound in Thursday’s Asian trades, testing offers once again at the $5,200 threshold. Deeper escalation of the Middle East war and dovish US Federal Reserve monetary policy outlook continue to support Gold.

Ethereum has jumped above $2,100 on Wednesday, following a general recovery across the crypto market. The move was accompanied by a spike in Ethereum's open interest, which has increased to 13.43M ETH — its highest level since January 31. 

At first glance, the latest escalation involving the United States with both Iran and Venezuela looks like another chapter in a long-running geopolitical story. But viewed through a broader strategic lens, something else may be unfolding: Energy.

The US Dollar (USD) eased on Wednesday after a two-day rally drove the US Dollar Index (DXY) near the 100.00 mark. The Greenback ignored the positive employment data and ISM Services PMI as the ongoing war between the US and Iran weights on sentiment.