AUD/USD was the best performer for the G7 last week and Aussie bulls could be trapped up high for the week ahead which holds a number of key data events. The following illustrates a bearish bias for the initial balance of the week, Monday with 0.7050 eyed.
The EUR/USD pair is struggling to extend its recovery move above the immediate resistance of 1.0870 in the early Tokyo session. The major currency pair delivered a rebound move from the previous week’s low around 1.0840 amid a restricted upside in the US Dollar index (DXY).
Gold prices steadied, with gains capped by the stronger dollar and analysts at TD Securities argued that the yellow metal need only close above the $1,935 range to catalyze a marginal buying program, whereas a close below the $1,890 mark is required to spark a trend follower selling flow.
Hedera (HBAR) price has been shooting for the starts but looks to be dropping like a stone now. Just like Icarus, who flew too close to the sun, this time, Hedera came just not close enough to the projected price target for this rally.
The focus this week is the Federal Reserve meeting, the Bank of England rate decision and Monetary Policy Report and the ECB meeting. This troika of central bank decisions could set the tone for the rest of the year: the Federal Reserve passing the baton of global leader when it comes to tightening monetary policy.