EUR/GBP retreats from two-week high to print the first daily loss in three.
200-SMA, overbought RSI recently challenged EUR/GBP bulls.
Clear upside break of the previous key resistance, bullish MACD signals keep buyers hopeful.EUR/GBP takes offers to renew intraday low near 0.8800 as it snaps a two-day winning streak during early Thursday. In doing so, the cross-currency pair reverses from the highest levels in a fortnight ahead of a series of key UK data scheduled for publishing around 06:00 AM GMT.
However, the EUR/GBP pair’s successful trading above the previous resistance line stretched from March 07, now immediate support around 0.8790, keeps the bulls hopeful. Adding strength to the upside bias are the bullish MACD signals.
Even if the pair drops below the resistance-turned-support of 0.8790, an upward-sloping support line from April 04, close to 0.8770 by the press time, can act as the last defense of the EUR/GBP buyers.Meanwhile, EUR/GBP bulls need to provide a successful break of the 200-SMA hurdle of 0.8810 to restore the market’s confidence in them.
Following that, the late March high of 0.8865 and the six-week-old horizontal resistance of 0.8900, may challenge the pair’s upside momentum before directing buyers to the previous monthly high of 0.8925.Overall, EUR/GBP witnesses a pullback from the short-term key hurdle but is not off the buyer’s radar.
AUD/USD holds firmer above 0.6700 on solid Aussie jobs, mixed China trade data
The Australian Dollar is holding the upside above 0.6700 against the US Dollar following the mixed Chinese trade data. Strong Australian jobs data and US CPI-led US Dollar weakness keep the AUD/USD pair underpinned. US PPI is next on tap.
EUR/USD faces barricades around 1.1000 as US Dollar attempts recovery, US Retail Sales eyed
The EUR/USD pair is facing resistance in extending its rally above the psychological resistance of 1.1000 in the Asian session. The shared currency pair is struggling to accelerate further as the US Dollar index (DXY) has defended further downside after testing its weekly low of 101.44.
Gold poised to test $2,043 resistance on dovish Federal Reserve outlook
Gold price is consolidating a two-day upswing near $2,020 early Thursday, as Asian traders digest softer-than-expected United States Consumer Price Index (CPI) data and its implications on the US Federal Reserve (Fed) policy outlook.
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