EUR/USD: remains on course to challenge the 1.2432 - Commerzbank

Haresh Menghani FXStreet

Karen Jones, Analyst at Commerzbank offers a technical view of the EUR/USD pair and foresees an extension of the current bullish trajectory in the near-term.

Key quotes:

“EUR/USD remains extremely bid very near term and has started to erode the 1.2066 pivot line. It remains on course to challenge the 1.2432 200 month ma. Support should be offered by the 1.2092 September high and the 20 day moving average at 1.1998 – the market will remain immediately bid above here.”

“Below 1.1998 will trigger losses to the 1.1872 uptrend. It will remain overall bid above the 1.1872 short term uptrend and this guards the 1.1717/12 November and December lows. The 1.1712 mid November low guards the 1.1553 7 th November low.”

“It is possible that the move to 1.1553 was the end of an a-b-c correction lower. This would mean that the longer term risk is still on the topside.”

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

GBP/USD holds gains above 1.3150, US PCE inflation data looms

The GBP/USD pair recovers some lost ground to near 1.3175 during the Asian trading hours on Thursday. However, the potential upside for the major pair might be limited amid UK political instability and rising expectations of US interest rate hikes this year. Traders await the US May Personal Consumption Expenditures inflation data on Thursday for fresh impetus.

EUR/USD rebounds above 1.1350, but outlook stays bearish below key resistance

The EUR/USD pair trades in positive territory around 1.1370. A surprisingly hawkish message from Kevin Warsh as the new Federal Reserve chair last week has traders pricing a US hike as soon as September. Markets might turn cautious later in the day ahead of the key US Personal Consumption Expenditures report.

Gold: Impending Death Cross hints at more downside

Gold is heading back toward seven-month lows near $3,950 early Thursday. The US Dollar enters bullish consolidation amid Fed rate hike bets, conflicting US-Iran messages. Gold could see further declines as RSI flirts with oversold territory, eyes on impending Death Cross.

Bitcoin tests $60,000 as whales sell off – Aave and Jupiter show resilience

The broader cryptocurrency market remains under intense selling pressure, with Bitcoin back at $60,000 for the third time this year. On-chain data shows selling pressure from large-wallet investors, commonly referred to as whales, while total liquidations hit nearly $1 billion in 24 hours.

Ripple and SBI Group partner to launch RLUSD in Japan

Ripple (XRP) remains under pressure, trading at $1.06 on Thursday after losing nearly 5% so far this week. Ripple and SBI Group partnered to launch RLUSD stablecoin in Japan following approval from the Japan Financial Services Agency on Thursday, but the move failed to lift sentiment.

Regime change: Inside Kevin Warsh's first move to make the Fed unreadable on purpose

The rate did not move. That was the least interesting thing about Kevin Warsh's first meeting in charge of the Fed. The FOMC held its benchmark at 3.50%-3.75% for the fourth straight meeting, exactly as priced, and then the new chair used his first press conference to dismantle the machinery the market has leaned on for a decade.