2023-03-16 09:59

Market Update - 16 March 2023 Australian Employment data boosts AUD/NZD, eye on 1.07800 mark. Disappointing NZ GDP data weigh on the NZD, fueling AUD/NZD gains. Aussie jobs number boost 25 bps RBA hike for the next meeting. (FXStreet) The index leaves behind Wednesday’s tops above 105.00. Alleviated risk aversion removes some strength from the dollar. Weekly Claims, Philly Fed index, housing data next on tap. The USD Index (DXY), which gauges the greenback vs. a bundle of its main competitors, gives away part of the recent advance and returns to the mid-104.00s on Thursday. (FXStreet) fades bounce off three-week-old support line, grinds lower of late. Receding bullish bias of MACD, descending RSI line lure sellers. 100, 200 EMAs act as additional downside filters. Weekly descending trend line holds the key to Loonie pair’s run-up towards refreshing 2023 top. (FXStreet) clings to mild losses as market sentiment remains sour despite latest consolidation. Yields stabilize near multi-day low as policymakers rush to tame financial market fears. Upbeat Japan data, challenges for hawkish central bank moves due to Credit Suisse crisis also weaken the Yen pair. Risk catalysts, bond market moves eyed for clear directions. (FXStreet) AUD/USD has printed a fresh intraday high at 0.6645 as a correction in the USD Index has extended. Federal Reserve might continue a 25 bps rate hike move as January’s upbeat US economic data was a one-time show. An upbeat Australian Employment data has propelled the odds of more rates announcements from the Reserve Bank of Australia. AUD/USD is consolidation near the critical support plotted from 0.6585. (FXStreet) EUR/USD sticks to mild gains while paring the biggest daily loss since September 2022. ECB policymakers are likely to cite inflation fears to justify anticipated 50 bps rate hike, forward guidance will be crucial. As Credit Suisse crisis follows US bank fallouts, fears of financial market crackdown like 2008 could weigh on Euro pair. Bond market moves, ECB’s signals for future rate hikes and economic conditions will be crucial for near-term directions. (FXStreet) EUR/GBP picks up bids to consolidate the biggest daily loss in three weeks. Bearish oscillators, sustained trading below one-week-old descending trend line keep sellers hopeful. Bears could aim for 61.8% Fibonacci retracement, 200-DMA on breaking immediate support (FXStreet) GBP/USD is in silent mode amid BoE emergency talks on Credit Suisse crisis. Liquidity squeeze and falling yields are dialing back aggressive tightening across the globe. US PPI eased the price pressure while Retail Sales showed muted activity. (FXStreet) GBP/JPY bears eye on 159.00 level amid liquidity crisis. BoE in discussion over Credit Suisse’s worsening situation. Global bond yields drop amid risk aversion; boost to Japanese yen. (FXStreet) NZD/USD struggles to overcome intraday losses despite recent pick up in Kiwi price. New Zealand Q4 GDP came softer-than-expected raises fears of NZ credit rating cut. Hardships for key banks in US, Europe tease return of 2008 financial crisis and weigh on riskier assets like Antipodeans. Goldman Sachs’ economic outlook, China’s threat to European shares entertain traders amid sluggish session. (FXStreet) USD/CHF prints mild losses to consolidate the biggest daily gains since 2015 amid mixed sentiment. Credit Suisse eyes SNB loan to overcome liquidity crisis. Global policymakers rush to placate financial market fears after US, European banks tease pessimists. Second-tier Swiss, US data may entertain traders but bond market moves are the key to clear directions. (FXStreet) USD/TRY grinds higher around intraday top amid sluggish markets. Financial market fears from Credit Suisse, SVB join floods, earthquakes and looming general elections in Turkiye to lure bulls. Second-tier US data, bond market moves are key for clear directions. (FXStreet) EUR/CHF is demonstrating a back-and-forth action around 0.9860 ahead of ECB policy. A Double Bottom pattern has activated after a breakout of critical resistance placed at 0.9834. The RSI (14) is oscillating in the bullish range of 60.00-80.00, which indicates more upside ahead. (FXStreet) USD/INR has slipped to near 82.68 as USD Index has extended its correction. Investors are anticipating a less-hawkish monetary policy stance from the Fed after scrutiny of February’s US economic data. Oil price is struggling to extend its recovery above $68.00 as fears of a banking sector meltdown would result in lower advances. (FXStreet) USD/MXN struggles for clear directions after posting one more failure to cross 100-DMA, 5.5-month-old resistance line. Bullish MACD signals, sustained trading beyond two-month-long horizontal support keep buyers hopeful. Descending resistance line from July 2022, 200-DMA act as additional upside filters to prod the Mexican Peso pair buyers. (FXStreet) WTI hits December 2022 lows around $66 amid Credit Suisse crisis, causing a shift in global financial conditions. Investors fading optimism for 2023 growth outlook drives Oil prices lower. IEA reports a drop in Russian Oil exports and an increased global oil stockpile. (FXStreet) Gold price struggles to extend previous day’s run-up six-week high, mildly offered as of late. Key resistance confluence, receding fears of full-fledged financial market crisis probe XAU/USD bulls. Credit Suisse joins the league of SVB, Signature Bank to previously propel Gold price. Second-tier data, bond market moves eyed for clear directions. (FXStreet) Silver price takes offers to refresh intraday low, extends late Wednesday’s pullback from five-week high. Multiple key Exponential Moving Averages (EMAs) challenge XAG/USD bulls even as MACD signals favor upside. 6.5-month-old ascending trend line appears the key support to watch. (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.

2023-03-15 09:07

Market Update - 15 March 2023 GBP/USD remains sidelined after reversing from one-month high. Hopes of growth-oriented UK budget underpins Cable’s rebound but BoE concerns weigh on prices. US Dollar traces firmer yields as Fed bets regain hawkish bias even as US inflation failed to impress traders. SVB headlines, bond market moves should also be watched for fresh impulse. (FXStreet) The index navigates within a narrow range around 103.70. US yields remain mixed following the recent shar pullback. Producer Prices, Retail Sales take centre stage later on Tuesday. The greenback, in terms of the USD Index (DXY), advances marginally and hovers around the 103.70/80 band ahead of the opening bell in the euro area. (FXStreet) AUD/NZD has failed to sustain above 1.0730 as investors turn anxious ahead of NZ and Australian data. Higher Australian employment generation and a lower jobless rate are indicating an expression of higher forward earnings. Australian Consumer Inflation Expectations at 5.4% indicate that chances are few that the RBA would restore price stability. (FXStreet) EUR/JPY is facing hurdles in extending its recovery move above 144.40, upside bias still intact. Hawkish ECB bets have supported the Euro amid an absence of contagion effects in the European banking sector. The RSI (14) is on the verge of shifting into the bullish range of 60.00-80.00. (FXStreet) USD/CAD renews intraday low during four-day losing streak. Cautious optimism in the market, pullback in yields weigh on US Dollar. Hopes of more energy demand, no change in OPEC supply cut agreement trigger Oil price rebound.US Retail Sales, Canada Housing Starts can direct intraday traders. (FXStreet) NZD/USD is on a bullish ride in a relaxed market mood. US CPI comes in almost in line with softening service-led inflation. The New Zealand GDP data is in focus on measuring the cyclone impact. (FXStreet) USD/JPY retreats from intraday high, reverses the previous day’s bounce off one-month low. 50-SMA pierces off 100-SMA from above to portray bearish signal. Downbeat RSI, failure to cross three-week-old horizontal resistance keep sellers hopeful. Multiple tops marked since early February, two-month-long ascending support line challenge Yen pair bears. (FXStreet) EUR/GBP edges higher for the second straight day, though lacks follow-through buying. Bets that the BoE could pause its rate-hiking cycle undermine the GBP and lend support. Investors now look to the UK budget for some impetus ahead of the ECB on Thursday. (FXStreet) USD/MXN remains sidelined near one-week-old ascending support line after falling the most since March 2022. Clear U-turn from 2.5-month-old descending resistance line, bearish MACD signals keep sellers hopeful. 200-SMA acts as an extra filter towards the south. (FXStreet) EUR/USD clings to mild gains near one-month high, grinds near multi-day top of late. US Dollar traces downbeat Treasury bond yields as inflation data failed to bolster hawkish Fed bets. Receding fears of SVB, Signature Bank fallout also propel Euro prices. EU Industrial Production, US Retail Sales eyed for fresh impulse. (FXStreet) AUD/USD extends bounce off intraday low after China data, PBOC news. China Industrial Production, Retail Sales improved in February, PBOC keeps one-year MLF unchanged. Market sentiment stays dicey amid mixed signals surrounding Fed and Silicon Valley Bank (SVB) fallout risks. US Retail Sales, Australia employment figures eyed for clear directions. (FXStreet) USD/CNH is gauging support around 6.8800 as China’s retail demand matches consensus. S&P500 futures have registered marginal losses in the Asian session after truck-load gains on Tuesday. Weak auto sales numbers and stagnant gasoline demand indicate a contraction in US Retail Sales figures. (FXStreet) USD/CHF struggles to extend recovery from six-week low, eases from intraday high of late. Market sentiment dwindles amid mixed concerns over SVB fallout, Fed. Treasury bond yields defend the previous day’s rebound, US stock futures print mild losses. (FXStreet) USD/IDR keeps bounce off one-week low, snaps three-day downtrend, after Indonesia foreign trade numbers. Indonesia Exports drop 4.51% in February versus 5.0% expected, 16.37% prior. Cautious optimism in Asia fails to favor Rupiah bulls amid sluggish session. US Retail Sales, risk catalysts eyed for clear directions. (FXStreet) Oil price has gradually scaled to near $72.50, further upside looks capped ahead of oil inventory data. A fresh monthly low by the USD Index at 103.44 has infused fresh blood into the oil price. Declining 20-period EMA and weak RSI (14) are indicating further downside for black gold. (FXStreet) Gold price remains depressed after snapping three-day uptrend the previous day. Recovery in United States yields, US Dollar weighs on XAU/USD price. Mixed signals from US Consumer Price Index failed to entertain Gold traders. US Retail Sales, China data dump eyed for fresh impulse. (FXStreet) Silver price prints minor gains inside immediate trading range established from Monday. 200-EMA, three-week-old horizontal resistance restricts short-term XAG/USD moves. RSI’s retreat from overbought territory, looming bear cross on MACD lure the Silver sellers. Road towards the south appears bumpier; bulls need validation from $22.60. (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.

2023-03-14 09:18

Market Update - 14 March 2023 USD/JPY picks up bids to rebound from one-month low, snaps three-day downtrend. Markets consolidate SVB-led moves amid mixed concerns surrounding Fed. US two-year Treasury bond yields pare the biggest daily loss since October 1987. Receding fears of US financial crisis contagion, optimism for China recovery also favor Yen buyers. The index bounces off recent lows and approaches 104.00. Bets for a pause in the Fed’s tightening cycle remain on the rise. All the attention will be on the release of US inflation figures. The greenback seems to have met some respite from the recent sharp selling pressure and approaches the 104.00 region when tracked by the USD Index (DXY) on turnaround Tuesday. EUR/JPY is looking to scale above 143.00 for a fresh upside as hawkish ECB bets are intact. The absence of recession in the Eurozone economy might postpone the achievement of the 2% inflation target. The release of the BoJ minutes will provide a detailed explanation behind the stable monetary policy. GBP/USD has corrected further to near 1.2150 as the safe-haven appeal improves. The street is expecting Fed chair Jerome Powell to look for a smaller rate hike or halt the rate-tightening spell. a higher jobless rate and lower employment bills figure would delight the BoE. NZD/USD holds lower ground near intraday low, snaps two-day winning streak. RSI retreat backs the Kiwi pair’s U-turn from 200-EMA, one-month-long resistance line. Receding bullish bias of MACD signals, failure to cross key upside hurdles keep sellers hopeful. Fortnight-old horizontal support area lures bears past 100-EMA break. AUD/USD consolidates the biggest daily gains in nine weeks amid sluggish markets. Traders take a breather following the SVB-infused volatility; US dollar licks its wounds ahead of US CPI. Downbeat Aussie NAB data, China fears also allowed Aussie bulls the much-needed break. EUR/USD is hoping for an intermediate cushion around 1.0700 on less-hawkish Fed bets. The rationale behind short unwinding in the USD Index is the anxiety among the market participants for the US inflation. ECB would continue its bigger rate hike spell despite SVB's collapse. USD/CAD clings to mild gains after bouncing off short-term key technical supports. Convergence of 50-SMA, one-month-old ascending trend line restricts immediate downside. Horizontal area comprising early January lows adds to the downside filters. Descending resistance line from Friday, bearish MACD signals challenge Loonie pair buyers. USD/CHF bounces off five-week low to print the first daily gain in five. US Dollar traces corrective bounce off yields to pare recent losses. Interest rate futures raise doubts on further USD/CHF advances unless US inflation markets notable jump. USD/MXN remains sidelined after refreshing five-week top the previous day. Upbeat oscillators, clear upside break of previous key resistance line keep Mexican Peso pair buyers hopeful. Sellers need validation from 18.65 to retake control. USD/INR pares the biggest daily gains in seven weeks amid sluggish session. Indian equity rout, downbeat inflation data drowned Rupee the previous day despite broad US Dollar weakness. Fed pivot chatters highlight US CPI for February as SVB-led market fears ease. USD/TRY struggles for clear directions after snapping two-day downtrend trend previous day. Corrective bounce in US Treasury bond yields defends US Dollar bulls but talks of Fed policy pivot weigh on prices. An increase in the Turkish Current deficit probe Lira buyers ahead of US CPI. USD/CNH portrays corrective bounce near one-month low, mildly bid of late. 50-DMA probes sellers but clear downside break of five-week-old ascending trend line, bearish MACD signals push back buyers. 100-DMA, monthly high act as final defence of China Yuan pair bears. USD/MXN gains traction for the fourth straight day and trades near a one-month high set on Monday. Bulls now await a move beyond the 100-day SMA and 38.2% Fibo. confluence before placing fresh bets. Weakness back below the 18.35 horizontal support is needed to offset the near-term positive outlook. WTI price is heading lower despite the softer US Dollar. Global growth concerns start to pick up on the back of the SVB fallout. An inflationary outlook will be key to watching for WTI price directions. Natural Gas has turned lackluster after a vertical movement as the USD Index has rebounded from 103.50. The demand for natural gas might witness a bumpy road as industrial demand would decline due to higher rates from the Fed. The period between Winter and Summer in the US remains weak for Natural Gas demand. Gold price eases from five-week high to pare the biggest daily gains in four months. United States Treasury bond yields lick their wounds ahead of US inflation data and probe XAU/USD bulls. SVB fallout weigh on Federal Reserve bets as interest rate futures suggest nearness to policy pivot. US CPI may offer immediate directions but risk catalysts, yields are crucial for clear view. Silver price eases around monthly top after rising the most since early November 2022. Convergence of 50-day, 100-day EMAs challenge XAG/USD bulls. Bullish MACD signals, sustained bounce off multi-day-old support line keep Silver buyers hopeful. 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.

2023-03-13 10:10

EUR/USD prints three-day uptrend as firmer sentiment weighs on the US Dollar. US regulators’ efforts to tame financial markets risk from SVB, Signature Bank favor risk profile on Monday. Friday’s US employment data failed to impress US Dollar bulls as the previous risk-aversion drowned yields. US CPI, ECB eyed for clear directions, consumer-centric data also appear important to watch. (FXStreet) The index comes under heavy selling pressure and breaches 104.00. US yields also extend the decline to multi-week lows. Markets’ attention remains on the release of US CPI on Tuesday. The greenback, in terms of the USD Index (DXY), remains on the defensive and breaks below the 104.00 support for the first time since mid-February. (FXStreet) GBP/USD rises to the highest levels in two weeks during a four-day uptrend. Clear upside break of 21-DMA, previous resistance lines join bullish MACD signal to favor buyers. Sellers need validation from 1.1920-10 support zone for conviction. (FXStreet) USD/JPY holds lower ground after refreshing a one-month bottom.U-turn from the DMAs, rejection of bullish channel and the strongest bearish MACD signals since early February to favor sellers. Early February tops may test Yen pair bears ahead of 50-SMA. Buyers remain off the table unless witnessing a clear break of 200-DMA. (FXStreet) USD/CAD takes offers to extend pullback from five-month high. US regulators unveil plans to tame SVB, Signature Bank inflicted risk. Fed rate hike expectations ease amid looming fears on US banks. Oil price cheers softer US Dollar with eyes on EIA, OPEC monthly reports. (FXStreet) NZD/USD prints two-day winning streak as US regulators tame financial market risks. NZIER anticipates much weakness growth in 2024, Thursday’s New Zealand Q4 GDP eyed. Easing fears from SVB, Signature Bank renew market’s risk-on mood. Mixed US employment data, anxiety ahead of key data/events probe Kiwi pair buyers. (FXStreet) AUD/USD stays on the front foot near intraday high as bulls cheer the biggest daily gains in almost two months. SVB-led risk-on mood joins receding hawkish Fed bets to drown US Dollar. Fresh fears surrounding US-China ties fail to derail risk-on mood. (FXStreet) USD/INR keeps the previous day’s U-turn from key DMAs to refresh multi-day lows, rebounds from intraday low of late. Cautious mood ahead of India CPI, mixed sentiment in Asia probes Rupee buyers. US Dollar bears the burden of SVB-inspired risk-on mood, receding hawkish Fed bets. (FXStreet) USD/CHF rebounds from one-month low but stays bearish for the fourth consecutive day. Five-week-old ascending support line, oversold RSI challenges the bears. Bulls need validation from 200-SMA previous support line from early February. (FXStreet) WTI crude oil defends the previous day’s bounce off two-week low despite lacking upside momentum of late. Risk-on mood, receding hawkish Fed bets underpin WTI strength. US-China tension, cautious mood ahead of OPEC, EIA reports and US inflation probe energy buyers. (FXStreet) Gold price is firm in the open on a soft US Dollar. Gold price bears eye trendline support while bulls look to $1,920s. Gold price was higher at the start of the week by some 0.5% after the first hour of Tokyo trade having jumped 2% on Friday and while US authorities announced plans to limit the fallout from the collapse of Silicon Valley Bank (SVB). At the time of writing, Gold price is trading at $1,878 and between a low of $1,867.03 and $1,894.68. (FXStreet) Silver price struggles to extend recovery from four-month low, pares intraday gains during a three-day uptrend. Failure to cross short-term resistance line, downside break of 200-SMA lure XAG/USD sellers. Two-week-old horizontal support zone restricts immediate Silver price downside. (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.

2023-03-10 09:14

Market Update - 10 March 2023 The index appears mildly offered above the 105.00 mark. US yields accelerate the decline ahead of the key Payrolls. The US jobs report will take centre stage later in the NA session. The greenback, when measured by the USD Index (DXY), navigates within a narrow range and slightly on the defensive above the 105.00 yardstick following the opening bell in the old continent on Friday. (FXStreet) AUD/USD reverses an intraday dip to a fresh YTD low amid the ongoing USD retracement slide. Reduced bets for a 50 bps Fed rate hike in March and falling US bond yields weigh on the buck. The risk-off mood might cap gains for the risk-sensitive Aussie ahead of the key US NFP report. (FXStreet) GBP/USD edges higher for the third successive day on Friday amid the ongoing USD downfall. Reduced bets for a 50 bps Fed rate hike in March and sliding US bond yields weigh on the buck. The upbeat UK GDP print for January benefits the GBP and lends support ahead of the US NFP. (FXStreet) USD/JPY has turned sideways around 136.65 as investors await US NFP for further guidance. BoJ Kuroda continued expansionary monetary policy as the domestic demand and wages have failed to spur inflation. The RSI (14) is gathering strength for shifting into the bullish range of 60.00-80.00. (FXStreet) EUR/USD rises for the second consecutive day as markets brace for US NFP. Mixed early signals for US employment data, downbeat Treasury bond yields weigh on US Dollar. Challenges to sentiment cap the Euro moves in search of hawkish comments from ECB’s Lagarde. US jobs data needs to offer positive surprise to recall EUR/USD bears. (FXStreet) EUR/GBP takes offers to refresh intraday low, prints three-day downtrend. UK GDP improved in January, Industrial Production, Manufacturing Production deteriorated. Hopes of Britain’s economic rebound due to the latest reshuffle in governing policies, Brexit allow GBP to remain firmer. BoE versus ECB drama could check pair sellers as the key data begins in London. (FXStreet) NZD/USD fades bounce off the lowest levels since late November 2022, grinds lower of late. 50-EMA pierces 200-EMA from above to portray death cross suggesting further downside of the Kiwi pair. Oversold RSI conditions, lows marked during mid-November challenge bears. Buyers need a successful break of 0.6265 to retake control. (FXStreet) USD/INR bears attack a convergence of 50-SMA, one-week-old resistance line. Upbeat oscillators suggest further recovery but 200-SMA acts as additional upside filter. Ascending trend line from Monday restricts immediate downside. (FXStreet) GBP/JPY is aiming to recapture the 163.00 resistance as the Japanese Yen may remain volatile on the dovish BoJ policy. BoJ Governor Kuroda will be known for leaking sheer stimulus in the economy to get it out of deflation. Going forward, UK’s Manufacturing sector data will be of utmost importance. (FXStreet) AUD/JPY marks 70-pip rebound from multi-day low on BoJ, picking up bids of late. BoJ defends current monetary policy status even as the dovish Governor departs after a decade. Governor Kuroda’s speech, risk catalysts eyed for fresh impulse. (FXStreet) EUR/JPY has dropped quickly from 145.00 amid BoJ’s unchanged monetary policy-inspired volatility. BoJ Kuroda has mentioned that the impact of the pandemic and supply chain disruptions is fading away. A Reuters poll indicates that chances of a recession in Eurozone have trimmed to 34%. (FXStreet) USD/CHF takes offers to refresh intraday low, drops for the third consecutive day. Bearish chart formation, downbeat MACD conditions keep sellers hopeful. Five-week-old ascending support line, 200-SMA act as additional downside filters. (FXStreet) USD/CAD seesaws around the top line of a one-month-old bullish channel. Clear upside break of the multi-day-old horizontal resistance, upbeat MACD signals favor buyers. 100-DMA, ascending trend line from last November act as the key supports. (FXStreet) WTI crude oil drops to the lowest levels since February 27, down for the fourth consecutive day. Fears of higher inflation, rate lifts join pre-data anxiety to weigh on Oil price. Sluggish US Dollar, Treasury bond yields fail to recall energy buyers. US NFP, Russia’s reaction to US ties with UK, Australia for nuclear submarine eyed. (FXStreet) Gold price takes offers to refresh intraday low, pares the biggest daily gain in a week amid volatile session. BoJ inaction fails to tame market’s fears amid inflation concerns. Geopolitical woes, US Dollar’s rebound from intraday low also weigh on XAU/USD price. Key central bank announcements, US employment data for February will be the key for fresh impulse. (FXStreet) Silver price fades bounce off four-month low after confirming bearish chart pattern earlier in Asia. Bearish MACD signals, sustained trading below the key EMAs keep XAG/USD sellers directed toward $18.80 theoretical target. Convergence of flag’s top line, 100-EMA appears short-term key upside hurdle to watch during corrective bounce. (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.

2023-03-09 09:30

Market Update - 09 March 2023 EUR/USD has scaled above 1.0550 after a recovery move, however, the recovery move lacks fundamental strength. Federal Reserve has confirmed a higher terminal rate than previously anticipated. European Central Bank might continue its 50 bps rate hike spell despite contracting German Retail Sales. EUR/USD is expected to deliver a sheer downside amid the formation of an Inverted Flag pattern. (FXStreet) The index seems to have met some resistance near 105.90. Bets for a 50 bps rate hike by the Fed continue to rise. Weekly Claims, FOMC’s Barr next of note on Thursday. The greenback, in terms of the USD Index (DXY), starts the European trading hours slightly on the defensive and around the 105.50 region on Thursday. (FXStreet) AUD/USD is attempting to scale above 0.6600, however, the risk-off mood is still intact. A Doji candlestick formation indicates indecisiveness among market participants. An oscillation in the 20.00-40.00 range by the RSI (14) indicates that the bearish momentum is currently active. (FXStreet) GBP/USD gains some positive traction for the second successive day amid a modest USD downtick. The fundamental backdrop warrants caution before positioning for any further appreciating move. Bets for a 50 bps Fed rate hike in March, recession risks could limit the USD losses and cap the pair. (FXStreet) USD/CAD is seen consolidating its recent strong gains to the highest level since October. A modest USD pullback from a multi-month top cap gains amid an uptick in Oil prices. The fundamental backdrop supports prospects for an extension of the bullish trajectory. (FXStreet) GBP/JPY meets with a fresh supply on Thursday and drops closer to the overnight swing low. Looming recession risks benefit the safe-haven JPY and exert downward pressure on the cross.A modest pickup in demand for the GBP could limit losses ahead of the BoJ decision on Friday. (FXStreet) NZD/USD seesaws around intraday high while keeping the bounce off 3.5-month low. 50-HMA, two-week-old horizontal resistance area restrict immediate run-up inside short-term bullish channel. Oscillators suggest slower grind towards the north but buyers need validation from 0.6200. (FXStreet) USD/INR extends the previous day’s pullback from one-week high, pressured around intraday low of late. US Dollar bulls take a breather at three-month high as traders await the key employment data amid mixed feelings. Cautious optimism in Asia adds strength to the Indian Rupee’s rebound.Second-tier data, risk catalysts eyed for intraday directions. (FXStreet) USD/IDR holds lower ground near intraday bottom after reversing from multi-day top. Indonesia Retail Sales growth plummets to multi-month low in January. US Dollar’s pullback amid sluggish markets, positioning for Friday’s NFP seem to probe pair buyers. (FXStreet) USD/MXN retreats towards multi-year low as US Dollar struggles to cheer risk-off mood. US Dollar grinds despite President Biden’s controversial tax proposal, higher yields and hawkish Fed bets. Banxico shows more clarity over rate hike than Fed with no talks of policy pivot fueling Mexican Peso. (FXStreet) AUD/JPY renews seven-week low as China prints downbeat CPI, PPI for February. Convergence of two-month-old ascending trend line, 50% Fibonacci retracement challenge bears amid oversold RSI (14) line. Recover remains elusive unless crossing 91.75 hurdle; MACD teases buyers. (FXStreet) USD/CNH has scaled above 6.9750 as the Chinese economy has registered a deflation by 0.5%. Producers have lowered prices of goods and services at factory gates due to sluggish demand. Upbeat US ADP Employment data has confirmed that January’s strong data was not a one-time blip. (FXStreet) EUR/GBP is built a cushion around 0.8900 amid rising odds of a steady BoE policy. A breakout of the Descending Triangle has already underpinned the Euro against the Pound Sterling. Upside momentum is still active as the RSI (14) has not surrendered the bullish range yet. (FXStreet) Prices of the barrel of the WTI extended the weekly decline on Wednesday. The downtick was in tandem with increasing open interest and allows for the continuation of the selling pressure. That said, the immediate contention now emerges at the weekly low near $73.80 (February 22, 23). (FXStreet) Prices of the natural gas retreated modestly on Wednesday amidst the ongoing weekly choppiness. The daily pullback was on the back of diminishing open interest and volume and bolsters the idea that further weakness looks unlikely in the very near term at least. The commodity, in the meantime, seems well supported by the $2.50 region per MMBtu for the time being. (FXStreet) Gold price is struggling to sustain above $1,800.00 amid rising bets for hawkish Fed policy. The risk-aversion theme has heated further as China has shown deflation in the CPI and PPI figures. Higher funds in the pocket of US households due to rising labor cost index might propel consumer spending. (FXStreet) Silver price prints mild gains as it reverses from four-month low. Short-term descending support line, oversold RSI adds strength to recovery. Doji candlestick, 100-DMA challenge XAG/USD buyers amid sluggish moves. (FXStreet) Bitcoin prices drop below 50-day MA (moving average), holding as resistance above $23,000. BTC/USD loses traction, leaving prices vulnerable around $22,000. Cryptocurrency lacks clarity as investors focus on Fed Chair, Jerome Powell’s congressional statement and clues on additional rate hikes. (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.