US Dollar Index Asia Price Forecast: Greenback regains the 100.00 mark, bullish

EUR/USD gains ground after three days of losses, trading around 1.1700 during the Asian hours on Wednesday. On the daily chart, technical analysis indicates a potential for a bearish bias; the 14-day Relative Strength Index at 47 confirms waning momentum.

The GBP/USD pair oscillates in a narrow range, around the 1.3500 psychological mark during the Asian session on Wednesday, and for now, seems to have stalled the previous day's retracement slide from its highest level since September 18. Moreover, the fundamental backdrop seems tilted in favor of bullish traders and suggests that the path of least resistance for spot prices is to the upside.

Gold price sees a decline on profit-taking after facing rejection at $4,500 in the Asian trading hours on Wednesday. Despite the pullback, the traditional safe haven remains underpinned by geopolitical tensions and expectations of Fed rate cuts. The US ADP Jobs data, JOLTS Job Openings Survey and ISM Services Purchasing Managers Index report will be published on Wednesday. 

Bitcoin, Ethereum, and Ripple prices are taking a breather on Wednesday near their key resistance levels following the recent surge. BTC faces rejection at the $94,253 level, while ETH and XRP follow BTC’s footsteps, struggling near $3,308 and $2.35, respectively.

Events in Venezuela are top of mind for market participants, and while developments are associated with an elevated degree of uncertainty, we are not making any changes to our markets or economic forecasts as a result of the deposition of Nicolás Maduro. 

Cardano rises above the 50-day EMA resistance amid a risk-on mood across the crypto market. The MACD upholds positive divergence, increasing the potential for a 20% breakout to $0.505.