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Japan CFTC JPY NC Net Positions up to ¥-81.6K from previous ¥-82.6K
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The EUR/USD pair attracts some sellers to near 1.1990, snapping the four-day winning streak during the early European session on Wednesday. The major pair retraces from a five-year high amid renewed US Dollar demand. All eyes will be on the US Federal Reserve interest rate decision on Wednesday.
GBP/USD depreciates after four days of gains, trading around 1.3800 during the Asian hours on Friday. The technical analysis of the daily chart suggests a potential bearish reversal amid a narrowing range, suggesting buyers are losing strength within the rising wedge pattern.
Gold is continuing its record-printing spree early Wednesday, testing offers above the $5,200 level for the first time. Buyers refuse to pause heading into the US Federal Reserve policy announcements, due later in the day.
Avalanche price holds above $12 at the time of writing on Wednesday, after rebounding from the lower boundary of its horizontal parallel channel, signaling early signs of stabilization. The launch of Avalanche spot Exchange Traded Funds by VanEck this week on Nasdaq signals improving market sentiment. In addition, supportive on-chain and derivatives data for AVAX suggest a potential recovery if bullish momentum builds.
The US Dollar Index returned to last year's lower bound, which we had not seen since 2022. The drivers are investment portfolio diversification, concerns about the US economic growth slowdown, rumours of FX interventions and active selling by carry-traders.
Ripple (XRP) is trading around $1.88 at the time of writing on Tuesday, correcting from the previous day’s high of $1.95. The cross-border remittance token remains under immense pressure amid a weak technical structure.
