2023-05-02 09:57

EUR/USD has resumed its upside journey towards the psychological resistance of 1.1000 in the early European session. The major currency pair is showing resilience after recovery as the US Dollar Index (DXY) has retreated from 102.10. The upside in the USD Index has remained capped around 102.20 for the past two weeks as investors are cautious amid uncertainty over the interest rate guidance by the Federal Reserve (Fed) to be delivered on Wednesday. (FXStreet) GBP/USD licks its wounds around 1.2500 after posting the biggest daily loss in a week, as well as snapping a three-day uptrend the previous day. In doing so, the Cable pair takes clues from the US Dollar’s retreat while cheering mostly upbeat inflation signals from the UK. However, comparatively more hawkish concerns surrounding the Fed, than the Bank of England (BoE), keep the Cable pair sellers hopeful as it lacks upside momentum near the highest levels in 11 months marked the previous day. (FXStreet) USD/JPY bulls appear running out of steam at the highest levels in two months during early Tuesday, making rounds to 137.70-60 heading into the European session. (FXStreet) The AUD/USD pair has climbed swiftly above 0.6680 as the Reserve Bank of Australia (RBA) has hiked interest rates surprisingly by 25 basis points (bps) to 3.85%. The street was anticipating an unchanged interest rate policy. (FXStreet) The NZD/USD pair regains positive traction on Tuesday and builds on its steady intraday ascent through the early part of the European session. The momentum lifts spot prices to a one-and-half-week high in the last hour, with bulls now looking to build on the momentum further beyond the 0.6200 round-figure mark. (FXStreet) The USD/CAD pair once again finds support near the 100-day Simple Moving Average (SMA) and attracts some buyers near the 1.3530-1.3525 region, or a one-week low touched this Tuesday, though lacks follow-through. Spot prices seesaw between tepid gains/minor losses through the early European session and currently trade around the 1.3535-1.3540 region, nearly unchanged for the day. (FXStreet) Markets Strategist Quek Ser Leang at UOB Group suggest USD/THB is now likely to trade between 34.05 and 34.50 in the near term. (FXStreet) The AUD/NZD pair has witnessed stellar buying interest after a surprise announcement of 25 basis points (bps) interest rate hike by the Reserve Bank of Australia (RBA). An interest rate hike of 25 bps has pushed the Official Cash Rate (OCR) to 3.85%. (FXStreet) According to UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang, USD/CNH could extend the upside to the 7.0000 region in the near term. (FXStreet) USD/IDR justifies downbeat Indonesia inflation while bouncing off an 11-month low to 14,710 heading into Tuesday’s European session. In doing so, the Indonesia Rupiah pair fails to cheer a retreat in the US Dollar prices amid a sluggish session due to the mixed sentiment and anxiety ahead of the key data/events. (FXStreet) AUD/JPY rallies to the highest levels since early March, up 1.10% intraday near 92.15 early Tuesday as the Reserve Bank of Australia (RBA) board members decided to lift the Official Cash Rate (OCR) by 0.25% to 3.85%. In doing so, the cross-currency pair also cheers upbeat economic forecasts from the Australian central bank amid dovish Bank of Japan (BoJ) bias. (FXStreet) The EUR/GBP pair is oscillating in a narrow range below 0.8890 in the Asian session. The cross is expected to recapture the round-level resistance of 0.8800 ahead as investors are anticipating a bumper interest rate hike announcement from the European Central Bank (ECB) this week. (FXStreet) EUR/JPY is trading at 150.86 and has traded within a range of 150.76 and 150.87 so far. The bears are lurking and eye a break below last week´s and month´s highs for a move into the bullish rally that kicked off on Friday. However, there are a number of events this week that will dictate the price action from here, including the Europen Central Bank interest rate decision. (FXStreet) Prices of the WTI reversed two daily pullbacks in a row and started the week on the positive foot. The daily uptick was midst rising open interest and allows for the continuation of the recovery in the very near term. Against that, the next target of note emerges at the key $80.00 mark per barrel. (FXStreet) Gold price (XAU/USD) portrays the market’s cautious optimism while posting mild gains near $1,985 as traders await the key central bank events amid full markets’ return on Tuesday. (FXStreet) Silver (XAG/USD) price seesaws around $25.00 as markets portray traders’ anxiety ahead of the key data/events on early Tuesday, after reversing from a three-week top the previous day. (FXStreet) Source: FXStreet Disclaimer: This information does not represent a BUY or SELL recommendation on the stock covered. Traders and Investors are encouraged to do their own analysis on stocks instead of blindly following any Trading calls raised by various parties on the Internet.

2023-04-28 09:10

Market Update - 28 April 2023 NZD/USD picks up bids to reverse late Thursday’s pullback from 200-DMA. Bearish MACD signals, steady RSI keeps Kiwi pair sellers hopeful. Three-week-old descending trend line adds to the upside filters. Upward-sloping support line from November 2022 becomes crucial to watch NZD/USD bears. The index extends the uptrend to the 101.80 region. US yields gives away some gains across the curve. Inflation tracked by the PCE, Consumer Sentiment next on tap. The Greenback, in terms of the USD Index (DXY), extends the optimism to the 101.80 zone at the end of the week. AUD/NZD is aiming to recapture the 1.0800 resistance ahead of the RBA policy. Due to consistently declining Australian inflation, the RBA is expected to keep interest rates steady at 3.6%. The RBNZ would consider a pause in the policy-tightening process amid softening of NZ inflation. EUR/USD is marching north after a solid recovery from 1.1000 ahead of the Eurozone GDP and German HICP. The USD Index has slipped as investors are worried that an increase in the debt-ceiling will impact long-term rating of the US economy. EUR/USD is auctioning in an Ascending Triangle pattern, which indicates a volatility contraction. AUD/USD picks up bids to refresh intraday high, extends the previous day’s rebound. Downbeat oscillators fail to back Thursday’s U-turn from 38.2% Fibonacci retracement. Bottom line of bullish channel prods Aussie pair’s immediate upside. USD/CAD remains pressured after reversing from one-month high. Bullish MACD signals, 50-DMA challenge Loonie pair’s further downside. Convergence of early April top, two-week-old ascending trend line adds to the downside filters. Buyers need validation from seven-week-long resistance line, 61.8% Fibonacci retracement. AUD/JPY is aiming to reclaim 89.00 as a continuation of expansionary monetary policy by the BoJ is widely anticipated. The requirement of keeping Japan’s inflation rate steadily above 2% an ultra-dovish policy is highly required. Consistently declining Australian inflation will allow the RBA to keep interest rates steady. EUR/JPY has jumped above 148.00 as BoJ has maintained the status quo. A continuation of ultra-dovish policy was widely anticipated to keep inflation confidently above 2%. Investors are keenly awaiting the release of preliminary Eurozone GDP and German HICP data for further guidance. GBP/JPY jumps nearly 150 pips on BoJ inaction, pierces the key technical hurdle. BoJ matches market forecasts with no change to monetary policy, YCC measures. UK Business Sentiment hits 11 months high and favors cross-currency pair buyers. Newly appointed Governor Ueda’s speech will be the key for immediate directions. USD/JPY as BoJ matches market forecasts of keeping monetary policy, rates unchanged. BoJ keeps YCC band unchanged but tweaks forward guidance. Yen traders keenly await Governor Ueda’s first press conference, economic outlook amid hawkish bias. US Core PCE Price Index also appears important ahead of next week’s FOMC. GBP/USD is hovering near 1.2500, gathering strength for a decisive breakout. The USD Index has regained strength as investors are shifting their focus toward the Fed policy. GBP/USD is consolidating in a range of 1.2436-1.2500 amid the absence of a critical trigger. USD/MXN picks up bids to refresh intraday high, consolidates the biggest daily loss in a month. Bearish MACD signals challenge Mexican Peso sellers, 200-EMA acts as additional upside hurdle for the pair. Multiple levels towards the south challenge USD/MXN bears inside three-week-old triangle. USD/CNH remains pressured for third consecutive day despite bouncing off intraday low at the latest. RSI retreat backs offshore Chinese Yuan pair’s U-turn from 200-DMA, 38.2% Fibonacci retracement. Five-week-old horizontal support restricts immediate downside ahead of the key support line stretched from early February. USD/INR grinds higher after bouncing off two-week low the previous day. Cautious mood ahead of the key data keeps Indian Rupee directionless. US statistics defend Fed hawks ahead of the key inflation clues and FOMC. Fresh tensions surrounding China, First Republican Bank prod USD/INR sellers above 200-DMA. Natural Gas Price fades the previous day’s bounce off one-week low, eases of late. Weekly prints of EIA Natural Gas Storage Change came in firmer. Expectations of downbeat Russia Gas exports, higher US consumption keep XNG/USD bulls hopeful. WTI bulls are attempting to correct and have formed a solid support ground. Bears could be willing to take the bulls on at a premium from below trendline resistance. Gold price remains pressured after a volatile day that ended with minor XAU/USD losses. XAU/USD drops as United States GDP details signal upbeat inflation component favoring US Dollar bulls. First Republic Bank inflicted market fears also exert downside pressure on the Gold price but tech earning prod XAU/USD downside. Federal Reserve’s favorite inflation gauge eyed after upbeat Core PCE Price figures. Silver struggles to capitalize on the overnight goodish rebound from the $24.50 support zone. The technical setup seems tilted in favour of bulls and supports prospects for additional gains. A convincing break below the $24.40-30 resistance-turned-support will negate the positive bias. Source: FXStreet, DailyFX Disclaimer: This information does not represent a BUY or SELL recommendation on the stock covered. Traders and Investors are encouraged to do their own analysis on stocks instead of blindly following any Trading calls raised by various parties on the Internet.

2023-04-26 09:33

The US Dollar (USD) is finding it difficult to build on Tuesday recovery gains early Wednesday as investors' focus shift to upcoming data releases. Led by tech-heavy Nasdaq Futures, US stock index futures trade in positive territory and the 10-year US Treasury bond yield hold steady slightly above 3.4%. Durable Goods Orders for March and Wholesale Inventories will be featured in the US economic docket ahead of Thursday's highly anticipated Gross Domestic Product (GDP) report for the first quarter. (FXStreet) AUD/USD drops to its lowest level since mid-March in reaction to softer domestic CPI print. The emergence of fresh USD selling lends some support to the major and helps limit losses. Traders now look forward to the US Durable Goods Orders data for short-term opportunities. (FXStreet) GBP/USD catches fresh bids on Wednesday and reverses a major part of the overnight downfall. The emergence of fresh selling around the USD is seen as a key factor pushing the pair higher. Traders now look forward to the US Durable Goods Orders data for short-term opportunities. (FXStreet) EUR/USD picks up renewed buying interest and surpasses 1.1000. The Greenback appears offered in tandem with shrinking risk aversion. Germany’s Consumer Confidence surprised to the upside in May. The single currency regains some composure and lifts EUR/USD back above the key hurdle at 1.1000 the figure. (FXStreet) USD/JPY edges lower for the second successive day, though the downside lacks follow-through. The BoJ’s dovish outlook, along with a positive risk tone undermine the JPY and lend support. The recent slump in the US bond yields weighs on the USD and might cap the upside for the pair. (FXStreet) USD/CAD fades recovery from intraday low as bulls struggle around one-month high. 50-DMA challenges immediate downside ahead of one-week-old ascending support line. Downward-sloping resistance line prods Loonie pair buyers amid nearly overbought RSI, bullish MACD signals. (FXStreet) The USD benefited from souring market mood on Tuesday after Wall Street's main indexes opened in negative territory and continued to push lower. With Microsoft and Google Alphabet releasing upbeat earnings reports for the first quarter after the closing bell, however, technology stocks gained traction and Nasdaq Futures were last seen rising more than 1% on the day. On the other hand, major European equity indexes trade modestly lower in the early session. Meanwhile, the US Dollar Index started to edge lower 101.50 after having gained 0.5% on Tuesday. (FXStreet) USD/CHF is declining towards 0.8900 amid further correction in the US Dollar Index. Federal Reserve might remain hawkish while guiding on terminal rates if Durable Goods Orders data land above expectations. Solid Swiss ZEW Survey-Expectations would convey improving business conditions which will increase labor demand and will propel consumer spending. USD/CHF has attempted a recovery after testing prior support levels plotted from 0.8860 with weak selling pressure. (FXStreet) USD/CNH prints the first daily loss in four as it eases from the highest levels in six weeks. Key DMA, nearly overbought RSI (14) challenges further upside of the offshore Chinese Yuan (CNH) pair. Four-month-old symmetrical triangle restricts short-term moves, ascending trend line from early February adds to downside filters. (FXStreet) USD/INR is attempting a break above 82.00 ahead of US Durable Goods Orders data. An expansion in orders for Durable Goods to manufacturers indicates strong demand from households. Bottoming out US real estate despite higher interest rates from the Fed indicates that recession is not in picture for now. (FXStreet) USD/MXN prints mild losses to consolidate the biggest daily jump in three weeks. Failure to cross 100-SMA appears less lucrative for Mexican Peso buyers unless slipping below previous resistance line from early April. 200-SMA, seven-week-long ascending trend line are the key levels to follow clear directions. (FXStreet) Market slips into consolidation phase after heavy risk aversion. S&P500 Futures pare the biggest daily loss in a month, yields prod two-day downtrend. First Republican Bank renews fears of banking fallouts, US Treasury Secretary Yellen flags fears of “catastrophic” default. US data, risk catalysts are the key as sour sentiment underpins US Dollar, Gold and Yen demand. (FXStreet) WTI picks up bids to pare the biggest daily loss in a week. Fears of cut in output by the key Oil refiners, cautious optimism in market underpin recovery moves. Surprise draw in API inventories adds strength to recovery moves. EIA Crude Oil Stocks Change, US Durable Goods Orders eyed for clear directions. (FXStreet) Gold price retreats after two-day winning streak, clings to mild losses of late. Market’s cautious optimism ahead of US Durable Goods Orders allows XAU/USD to pare recent gains. US debt ceiling talks, banking updates also become important for clear Gold price directions. (FXStreet) Silver price clings to mild gains after recovering from three-week low. Bearish MACD signals join lower high and lower low formation to lure XAG/USD sellers. 10-DMA, one-week-old descending trend line restrict immediate upside. $21.20 holds the key for further Silver price downside. (FXStreet) CME Group’s flash data for crude oil futures markets noted open interest dropped for yet another session on Tuesday, this time by around 11.7K contracts. On the other hand, volume went up by around 163.3K contracts after two consecutive daily pullbacks. WTI faces some near-term consolidation. (FXStreet) Source: FXStreet, DailyFX Disclaimer: This information does not represent a BUY or SELL recommendation on the stock covered. Traders and Investors are encouraged to do their own analysis on stocks instead of blindly following any Trading calls raised by various parties on the Internet.

2023-04-25 09:29

EUR/USD gives away part of the recent 3-day advance. The Greenback regains some traction and weighs on the pair. US Consumer Confidence will be in the limelight later in the day. Fresh selling pressure now drags EUR/USD to the low-1.1000s on the back of some tepid recovery in the dollar on Tuesday. (FXStreet) AUD/USD remains pressured within 40-pip rectangle, justifies clear break of short-term ascending trend line, 200-HMA. Downbeat oscillators suggest further grinding towards the south. Aussie pair buyers need validation from 0.6780; bears have ample room to cheer. (FXStreet) GBP/USD closed in positive territory on Monday and continued to push higher during the Asian trading hours on Tuesday. The pair, however, lost its traction after having met resistance at 1.2500 and was last seen trading modestly lower on the day at around 1.2470. (FXStreet) USD/JPY closed flat slightly above 134.00 on Monday and continues to trade in a tight range on Tuesday. Earlier in the day, "we see risk of inflation undershooting forecast as bigger than risk of overshooting, which is why the Bank of Japan (BoJ) must maintain easy policy now," BoJ Governor Kazuo Ueda said. (FXStreet) USD/CAD grinds near the highest levels in three weeks amid downbeat risk profile. WTI crude oil fades demand-driven upside amid challenges to sentiment, fears of recession. US Dollar bounces off one-week low during four-day downtrend. (FXStreet) EUR/GBP grinds near intraday high, up for the fourth consecutive day. Hawkish ECB talks, upbeat Eurozone Treasury bond yields favor pair buyers. Mixed UK data, BoEspeak and political jitters prod Sterling buyers. Eurozone Q1 GDP is the key for fresh impulse amid light calendar in Britain. (FXStreet) USD/CHF rebounds from one-week low after posting bullish candlestick. Oversold RSI (14) conditions, eight-day-old horizontal support challenges Swiss Franc pair sellers. Buyers have a bumpy road towards the north, 0.8940 appears the last defense of bears. (FXStreet) USD/INR rebounds from one-week low, snaps three-day losing streak. Anxiety surrounding US debt ceiling expiration joins consolidation ahead of top-tier US data to weigh on sentiment. Upbeat Oil price also prod Indian Rupee buyers ahead of India fiscal deficit statistics. (FXStreet) The index alternates gains with losses near 101.30. US yields extend the decline early in the European morning. CB Consumer Confidence takes centre stage later in the NA session. The USD Index (DXY), which tracks the greenback vs. a basket of its main competitors, navigates a narrow range around the 101.30 zone on turnaround Tuesday. (FXStreet) Gold price retreats from intraday high, fades week-start rebound. Sour sentiment puts a floor under US Dollar amid debt ceiling drama, pre-Fed consolidation. Softer US Q1 GDP, Core PCE Price Index can confirm Fed policy pivot talks and propel XAU/USD bulls. Fewer hurdles stand to challenge Gold Price upside past $2,010, XAU/USD sellers should wait for $1,987 break. (FXStreet) CME Group’s flash data for crude oil futures markets noted traders reduced their open interest positions by around 22.1K contracts at the beginning of the week, adding to the ongoing downtrend. Volume followed suit and went down for the second straight session, this time by around 20.2K contracts. WTI faces the next up barrier around $80.00. (FXStreet) The downward momentum could push BTC/USD toward initial support at the end-March low of 26525. Beyond that, further downside could be limited given plenty of cushions: the 89-day moving average and the lower edge of the Ichimoku cloud on the daily charts, near the February highs of 24250-25250. (DailyFX) The technical posture in ETH/USD is similar – bullish on the daily charts, as the colour-coded candlestick charts show. Ethereum has pulled back from a fairly strong ceiling at the August high of 2030. Still, there is a strong converged cushion on the 89-day moving average, the lower edge of the Ichimoku cloud on the daily chart, and a horizontal trendline from February at about 1715. Unless ETH/USD falls below the 1350-1500 area, including the 200-day moving average and the March low, the broader trend continues to be up. (DailyFX) Source: FXStreet, DailyFX Disclaimer: This information does not represent a BUY or SELL recommendation on the stock covered. Traders and Investors are encouraged to do their own analysis on stocks instead of blindly following any Trading calls raised by various parties on the Internet.

2023-04-21 09:03

Market Update - 21 April 2023 USD/CHF prepares to resume its bearish biased, confirmed by oscillators and sellers stepping in at around 0.9000. If USD/CHF sellers reclaim 0.8900, look for a test of the YTD low at 0.8859. Upside risks lie above 0.9000, with buyers eyeing the 20-day EMA. (FXStreet) The US Dollar Index is inside the woods ahead of preliminary US S&P PMI data. Wild movements were shown on Thursday after the release of 11th consecutive higher-than-anticipated jobless claims. US labor market conditions are softening consistently due to higher interest rates by the Fed. The US Dollar Index (DXY) has extended its correction after slipping below the immediate support of 101.80 in the Asian session. (FXStreet) AUD/USD has shown a rebound from 0.6730 as the upside in the USD Index looks capped. An increase in US weekly jobless claims indicates that labor market conditions are not tight enough for now. The Australian Dollar has shifted into a bullish trajectory as PBoC is ready to implement a prudent monetary policy. (FXStreet) USD/CAD is marching towards 1.3500 as weak oil prices have impacted the Canadian Dollar. Monthly Retail Sales data (Feb) are expected to contract by 0.5% vs. an expansion of 1.4% recorded in January. USD/CAD is struggling in extending its upside journey after reaching near the 38.2% Fibo retracement at 1.3493. (FXStreet) EUR/USD is oscillating in a bounded territory amid an absence of a critical trigger. Accelerating US weekly jobless claims cemented fears of easing labor market conditions. Fed policymakers are still confident of more rate hikes despite easing labor market conditions. (FXStreet) USD/JPY has made a recovery move from 134.00 despite an acceleration in Japan’s Inflation. Annual headline CPI has accelerated to 3.2% vs. 2.6% and core CPI has jumped to 3.8% against estimates of 3.4%. It seems that the BoJ is well on track to keep the inflation rate steadily above 2%. (FXStreet) USD/INR is seen oscillating in a narrow trading band above the 82.00 round figure. Neutral technical indicators on the daily chart hold back traders from placing bets. Any meaningful slide could be seen as a buying opportunity near the 200-day SMA. (FXStreet) GBP/USD is consolidating around 1.2440 as investors await UK Retail Sales for fresh impetus. The overall market mood is risk-averse, however, a stock-specific action in S&P500 is highly active. UK Retail Sales are expected to contract by 0.5% in March than expansion by 1.2% in February. (FXStreet) NZD/USD is expected to witness a downside after the conclusion of the short-lived pullback to near 0.6170. Fed policymakers are supporting more conservative monetary policy despite easing US labor market conditions. A significant decline in NZ inflation indicates that the RBNZ is well on track of arresting sticky inflation. (FXStreet) The oil price is struggling to defend the immediate support of $77.00 as fears of a global slowdown have deepened. Global central banks are preparing for a fresh rate hike cycle to arrest stubborn inflation. Investors have ignored upbeat Chinese prospects and are worried due to global recession fears. (FXStreet) Gold price is oscillating in a narrow range around $2,000 ahead of preliminary US S&P PMI data. A move beyond the 100.90-102.03 boundary in the USD Index will be considered a decisive move. Gold price is expected to show more upside after breaking above the immediate resistance plotted from $2,011.90. (FXStreet) Silver price to remain range-bound around $25.00-$25.50 as oscillators neutralize. XAG/USD Price Analysis: Upward biased above $25.00, and it can test $27.00; otherwise, it could dive towards $23.50. (FXStreet) Source: FXStreet, DailyFX Disclaimer: This information does not represent a BUY or SELL recommendation on the stock covered. Traders and Investors are encouraged to do their own analysis on stocks instead of blindly following any Trading calls raised by various parties on the Internet.

2023-04-20 09:16

Market Update - 20 April 2023 GBP/USD struggles to defend latest gains, prints mild losses while snapping two-day uptrend. Clear downside break of one-month-old previous support line joins sluggish MACD signals, steady RSI to tease sellers. 100-EMA, ascending support line from early April challenge Cable bears. (FXStreet) The index gives away some gains below the 102.00 mark. Global markets remain within a consolidative phase so far. Weekly Claims, Philly Fed Index next of note in the docket. The greenback, when tracked by the USD Index (DXY), trades slightly on the defensive below the 102.-00 region on Thursday. (FXStreet) EUR/GBP has crossed 0.8800 after a gradual recovery, however, the downside bias has not faded yet. The double-digit UK inflation has cemented the need for one more rate hike from the BoE. The street is anticipating that ECB Lagarde will slow down the pace of the rate hike to 25 bps. (FXStreet) GBP/JPY retreats from four-month high, prints the first daily loss in five. Failures to stay beyond 168.00 joins bearish MACD signals to lure GBP/JPY bears. Resistance-turned-support from early April, steady RSI prods pair sellers. Upside break of the immediate trend line hurdle could aim for the late 2022 peak. (FXStreet) NZD/USD remains pressured around five-week low, keeps NZ inflation-induced fall. New Zealand Q1 CPI eases to the lowest level in two years with 6.7% QoQ figures. Downside break of one-month-old horizontal support, bearish MACD signals also keep Kiwi pair sellers hopeful. Any recovery remains elusive below 200-SMA, 0.6170 guards immediate upside. (FXStreet) EUR/USD is making efforts for defending its 1.0950 support as USD Index has shown recovery. Loans and advances to US businesses and consumers have dropped due to tight credit conditions by US banks. Citi Group is expecting a recession in the US economy in the fourth quarter. (FXStreet) AUD/USD takes offers to refresh intraday low, printing minor losses during two-day downtrend.RBA’s Lowe fails to inspire markets from central bank review, PBOC holds benchmark rate at 3.65% as expected. Australia’s NAB Business Confidence for Q1 plummets to -4 versus -1 prior. Market sentiment remains fragile amid rate hikes, geopolitical fears and weigh on Aussie pair. (FXStreet) USD/CAD sticks to mild gains at the highest levels in a week. Oil price bears the burden of recession woes amid fears of higher interest rates. Downbeat prints of second-tier Canada data, unimpressive BoC talks propel Loonie prices. Risk catalysts, comments from BoC, Fed policymakers eyed for clear directions. (FXStreet) USD/CNH has surpassed the crucial resistance of 6.9000 as PBoC has kept the interest rate policy stable. There was no urgency for the PBoC to ease policy further as the Chinese economy is well on track for economic recovery. The Fed is expected to raise rates by 25bps and may hold rates steady for 2023. (FXStreet) USD/JPY eases from six-week high amid recently downbeat yields. Upbeat economic analysis from BoJ, Fed troubles Yen pair buyers amid sluggish markets. Fears of higher rates, recession keep bulls hopeful ahead of second-tier US data, Japan inflation. (FXStreet) USD/MXN regains upside momentum after probing bulls the previous day. Sustained trading above six-week-old ascending support line, looming bull cross on MACD favor buyers. 21-DMA holds the key to further run-up towards monthly top, bearish trend remain intact below 18.90. Downside break of 18.00 could trigger fresh fall targeting YTD low. (FXStreet) USD/INR is facing barricades in extending its rally above 82.30. Investors are anticipating that Fed’s battle against stubborn US inflation will continue as it is extremely far from desired levels. The Indian Rupee has failed to capitalize on declining oil prices. (FXStreet) WTI crude oil remains pressured at the lowest levels in 13 days, prints four-day downtrend. 100-EMA, one-month-old ascending support line challenge energy bears. Looming bear cross on MACD, RSI retreat keeps Oil sellers hopeful. Oil price uptrend remains elusive below $83.30-40 resistance zone. (FXStreet) Natural Gas licks its wounds after posting the biggest daily loss in a month. Downside break of 200-SMA, three-week-old ascending trend line joins bearish MACD signals to favor XNG/USD sellers. Buyers need validation from six-week-old descending resistance line to retake control. (FXStreet) Gold price fades upside momentum within one-month-old bullish channel, pares losses of late. Geopolitical concerns about China, Russia weigh on XAU/USD price. Inflation woes propel United States Treasury bond yields, US Dollar and provide headwind to Gold Price. Central bankers, risk catalysts eyed for fresh impetus ahead of Friday’s Purchasing Managers Indexes. (FXStreet) Silver price snaps two-day winning streak, renews intraday low of late. The Silver Institute reports the record supply deficit amid new peak of global XAG/USD demand in 2022. Inflation, rate hike fears join geopolitical concerns to prod the Silver price. (FXStreet) Source: FXStreet, DailyFX Disclaimer: This information does not represent a BUY or SELL recommendation on the stock covered. Traders and Investors are encouraged to do their own analysis on stocks instead of blindly following any Trading calls raised by various parties on the Internet.