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Australia RBA Interest Rate Decision meets expectations (3.85%)
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The EUR/USD pair struggles to capitalize on the previous day's modest bounce from the 1.1780-1.1775 area, or over a one-week low, and oscillates in a narrow band during the Asian session on Wednesday. Spot prices currently trade around the 1.1815 zone, nearly unchanged for the day, as traders keenly await the release of the flash Eurozone consumer inflation figures.
GBP/USD steadies after registering modest gains in the previous session, trading around 1.3700 during the Asian hours on Wednesday. The technical analysis of the daily chart points to a potential bearish reversal as the range narrows, indicating waning buyer momentum within a rising wedge pattern.
Gold builds on the recovery from four-week lows beyond $5,000 early Wednesday. The US Dollar struggles for traction amid data delay and uncertainty over the Fed’s rate outlook under Warsh. Gold recaptures 21-day SMA. while RSI holds firmly above the midline on the daily chart.
World Liberty Financial, Cosmos, and Jupiter posted a mild recovery on Tuesday, defying the broader cryptocurrency market-wide sell-off. However, the technical outlook for WLFI and ATOM remains mixed as short-term recovery challenges the prevailing bearish momentum.
The risk recovery is on pause as we move through Tuesday. After signs that a recovery in precious metals could boost overall risk appetite earlier today, a nasty sell off in tech stocks has pushed the Nasdaq and the S&P 500 down by 1.7% and 1.1% respectively.
Ripple edges lower, trading marginally below $1.60 at the time of writing on Tuesday as bulls and bears battle for control. The cross-border remittance token rose to $1.66 on Monday, but profit-taking and risk-off sentiment in the broader crypto market led to the ongoing correction.
