EUR/USD snaps two-day uptrend near one-month high, renews intraday low.
Previous resistance from March limits immediate downside, 50-DMA guards further advances.
EUR/USD refreshes intraday low around 1.0720, consolidating weekly gains near the monthly peak. In doing so, the major currency pair prints weakness below the 50-DMA hurdle, as well as suggests further downside towards the 11-week-old resistance-turned-support line.
It’s worth noting, however, that a firmer RSI (14) and a clear upside break of the previous resistance line, around 1.0710, keep the pair buyers hopeful.Even if the quote drops below 1.0710, the early month’s peak of 1.0641 and an upward sloping support line from May 13, close to 1.0570, will precede the 21-DMA level of 1.0547 to challenge the EUR/USD bears.
Alternatively, the 50-DMA level of 1.0765 challenges the short-term upside of the EUR/USD pair ahead of a downward sloping trend line from February, near 1.0840.Should the quote rise past 1.0840, the late April swing high of 1.0936 and the 1.1000 psychological magnet will lure the EUR/USD bulls.
NZD/USD flirts with 0.6500 on hawkish RBNZ’s Orr
NZD/USD is clinging to sharp gains near 0.6500 as RBNZ Orr remains confident that households can withstand higher rates. The kiwi jumped after RBNZ lifted the OCR by 50 bps, as expected while projecting a higher cash rate in coming months. Focus shifts to the Fed minutes.
AUD/USD turns north to 0.7100, tracks RBNZ-led kiwi rebound
AUD/USD is trading close to 0.7100, changing course following a massive turnaround in the NZD/USD. The kiwi spiked after the RBNZ delivered a hawkish 50 bps rate hike. The further upside in the aussie appears elusive as the US dollar bounces ahead of the Fed minutes.
Gold sellers eye $1,848 on USD’s rebound ahead of Fed Minutes
Gold Price prints the first daily loss in five as the quote drops to the intraday low of around $1,860 during Wednesday’s Asian session. The metal’s latest weakness could be linked to the US dollar’s rebound from a monthly low ahead of the key data/events.
The last time this happened Shiba Inu price exploded
Shiba Inu price swept the range low of a $0.0000114 to $0.0000143 range, hinting at a trend reversal. Investors can expect a 20% upswing that sweeps the range high at $0.0000143.