2022-11-08 09:43

Market Update - 07 November 2022 EUR/USD meets support around the 0.9900 zone on Monday. German 10-year bund yields extend the move to multi-day highs. Germany Construction PMI improves to 43.8 in October. EURUSD adds to Friday’s advance and flirts with the 0.9970 region at the beginning of the week. (FXStreet) The index recoups part of the ground lost on Friday. The bounce in the dollar looks propped up by higher yields. Consumer Credit Change, Fedspeak next on tap in the US docket. The USD Index (DXY), which gauges the greenback vs. a bundle of its main competitors, manages to reverse part of the recent pessimism and regains the 111.00 barrier and above at the beginning of the week. (FXStreet) USD/JPY regains positive traction on Monday amid the emergence of some USD buying. Elevated US bond yields, the Fed-BoJ policy divergence remains supportive of the move. Intervention fears could offer support to the JPY and keep a lid on any meaningful upside. (FXStreet) GBP/USD opens with a modest bearish gap, though lacks strong follow-through selling. Elevated US bond yields, a softer risk tone underpins the USD and acts as a headwind. Diminishing odds for a more aggressive Fed rate hikes caps the USD and lends support. (FXStreet) USD/CAD licks its wounds after initially picking up the bids. Covid headlines, mixed US data weigh on sentiment and propel the pair. Retreat in the WTI Crude Oil prices adds strength to the pair’s recovery moves. Contradiction between the US and Canadian jobs report highlights a speech from BOC Governor Macklem, US CPI. (FXStreet) NZD/USD opens with a modest weekly bearish gap amid the emergence of some USD buying. Elevated US bond yields and a weaker risk tone help revive demand for the safe-haven buck. Bulls might wait for a sustained move beyond the 0.5935-0.5940 area before placing fresh bets. (FXStreet) AUD/USD licks its wounds after a downbeat start to the week. Oscillators suggest further downside, weekly resistance line challenge buyers. Fortnight-old horizontal support region restrict short-term AUDUSD downside. Buyers need validation from October’s peak to retake control. (FXStreet) USD/IDR clings to mild gains while defending the week-start gap to the north. Indonesia’s Q3 GDP rose past previous readings but missed market forecasts on YoY. Covid woes from China, mixed concerns over the Fed also underpin the upside moves. US inflation data will be crucial for near-term trade directions. (FXStreet) USD/INR picks up bids to snap two-day losing streak. China’s defense of zero covid policy weighs on market sentiment. WTI Crude Oil prices jumped the most in six months before the bulls took a breather around the key resistance. Risk-off mood, and fears of high US inflation can keep buyers hopeful. (FXStreet) Silver meets with a fresh supply on Monday, though lacks any follow-through selling. Friday’s breakout through the $20.00 mark supports prospects for additional gains. Bulls await a sustained strength beyond the 200-day EMA before placing fresh bets. (FXStreet) Prices of natural gas charted a strong advance on Friday against the backdrop of rising open interest and volume. That said, further upside now appears on the cards, with the next up barrier at the October high near the $7.20 mark per MMBtu (October 6). (FXStreet) Gold price treads water after a downside start to the key week. US dollar fails to cheer China-linked risk aversion amid indecision over Fed’s next move. US inflation data, Fedspeak will be crucial for near-term XAU/USD directions as pivot talks amplify. Gold price (XAU/USD) clings to half a percent intraday loss while making rounds to $1,670 heading into Monday’s European session. (FXStreet) Oil prices have declined as China’s epidemic concerns have resurged. Weak China Trade Balance data have dented the sentiments of market participants. More optimism in Fed’s rate slowdown chatter may bring oil bulls back in power. West Texas Intermediate (WTI), futures on NYMEX, dropped to near $90.20 in the Tokyo session. The oil prices have delivered a marginal rebound to $91.00, but still are prone to more downside as China has tightened its lockdown curbs further due to a resurgence in Covid-19 cases. (FXStreet) The sharp fall in USD/CNH on Friday suggests that the Chinese Yuan’s (CNH) seven-month slide against the US Dollar is running out of steam, at least in the short term. In the past two weeks, each time USD/CNH has risen above 7.35, it was sold off quite quickly -- and sharply on two occasions (on Friday and on October 26). The peak at 7.35 marks major resistance, near the 2019 and 2020 highs at 7.1965, and coinciding with the upper edge of a slightly upward-sloping channel from 2018. This follows a negative divergence (rising price associated with stalling or weakening momentum) on the monthly, weekly, and daily charts indicating that the seven-month rally is showing signs of fatigue (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.

2022-11-04 09:53

Market Update - 04 November 2022 US Dollar Index retreats from a six-week-old resistance line to tease bears. 21-DMA, weekly support line restricts short-term downside amid looming bull cross on MACD. Bulls have a bumpy road to travel before reaching the yearly top. US Dollar Index (DXY) trims the biggest weekly gains in six while holding lower grounds near 112.55, down 0.40% intraday, as traders brace for the US jobs report on Friday. (FXStreet) USD/JPY struggles to gain any meaningful traction and remains confined in a range on Friday. A modest USD downtick acts as a headwind for the pair, though the downside remains limited. Traders now seem to have moved on the sidelines ahead of the closely-watched US NFP report. (FXStreet) The British pound’s retreat against the US dollar from near-key resistance has taken the sting out of the recent rally. After briefly rising above resistance at the early-October high of 1.1495, GBP/USD succumbed to gains near strong converged resistance at about 1.1700-1.1750 (including the 89-day moving average and the mid-September high of 1.1740. The last time the pair was above the average was in 2021. (DailyFX) EUR/GBP pares the biggest daily gain in six weeks. Sustained break of descending triangle, firmer oscillators favor buyers. Bears need validation from 0.8660, October’s high adds to the upside filters. (FXStreet) Risk-perceived assets have regained their mojo as market mood has turned cheerful. Oversold momentum indicators in a higher lows structure offer smart money channelization opportunity. The RSI (14) has rebounded after dropping below 30.00. The EUR/USD pair has delivered a firmer reversal after sensing a decent buying interest of around 0.9743 in the Tokyo session. The asset has extended its rebound move and is aiming to recapture the immediate hurdle of 0.9800 as the risk-on impulse has regained traction. (FXStreet) A combination of factors prompts heavy selling around USD/CAD on Friday. Rising oil prices underpin the Loonie and exert pressure amid a weaker USD. Recession fears and the Fed’s hawkish outlook should help limit the downside. Traders might also wait for the monthly jobs report from the US and Canada. (FXStreet) Silver gains strong traction for the second straight day and climbs beyond the mid-$19.00s. The neutral technical setup warrants some caution before positioning for any further gains. A sustained strength beyond the $20.00 mark is needed to confirm a fresh bullish breakout. (FXStreet) NZD/USD regains positive traction on Friday and draws support from a combination of factors. A modest USD downtick and a positive risk tone offer some support to the risk-sensitive Kiwi. The Fed’s hawkish outlook should help limit the USD losses and cap the pair ahead of the NFP. (FXStreet) AUD/USD has jumped above 0.6350 as the risk-on impulse has regained its mojo. Aussie bulls are soaring despite weaker Retail Sales and GDP projections for CY2023. Goldman Sachs sees US NFP for October month at 225k vs. the prior release of 263k. (FXStreet) WTI picks up bids to refresh intraday high, braces for the second weekly gain. DXY pares the biggest weekly gain in seven ahead of US NFP. China-inspired optimism in Asia, mildly bid US stock futures add strength to the Crude Oil’s run-up. Strong US jobs report could probe energy bulls. (FXStreet) USD/CAD takes offers to refresh intraday low, snapping six-day uptrend. Cautious optimism in the market joins firmer oil prices, US dollar pullback to tease pair sellers. Fed versus BOC play can keep bulls hopeful even if the US jobs report fail to impress DXY buyers. (FXStreet) USD/CNH remains pressured around intraday low, down for the second consecutive day. PBOC prints the biggest weekly cash withdrawal in nine months. Increase in China’s covid counts, firmer DXY fail to chain bears amid pre-NFP consolidation. (FXStreet) AUD/NZD has jumped to near 1.0920 despite the Aussie Retail Sales drop to 0.2%. RBA’s November monetary policy statement claims short-term inflation expectations at 8%. Australia’s GDP projections have dropped to 2.0% and 1.4% for H1CY22 and H2CY22 respectively. (FXStreet) XAU/USD can be quite sensitive to situations when both bond yields and the Greenback move in the same direction, whether it is up or down. That is because the yellow metal bears no inherent yield for an investor who holds the asset. When the rate of return on cash rises, as it has been this year, that tends to bode poorly for gold. (DailyFX) AUD/USD turned lower last week after prices failed to clear resistance from the early October levels. The downward move accelerated overnight, and prices may break a short-term trendline. That would threaten the October swing low. Alternatively, a potential rebound faces the falling 50-day Simple Moving Average (SMA). (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.

2022-11-03 10:14

Market Update - 03 November 2022 The index extends the post-Fed rally near the 113.00 region. US 2-year note yields climb past the 5.0% mark, or 16-year highs. Initial Claims, ISM Non-Manufacturing, Factory Orders next on tap. The greenback, in terms of the USD Index (DXY), climbs further north of the 112.00 mark and print new multi -session tops on Thursday. (FXStreet) GBP/USD dives to over a one-week low on Thursday amid strong follow-through USD buying. The Fed’s hawkish outlook pushes the US bond yields higher and continues to boost the buck. Technical selling below key support levels aggravates the bearish pressure ahead of the BoE. (FXStreet) USD/CAD scales higher for the sixth straight day and climbs to a one-and-half-week high. The Fed’s hawkish outlook boosts the USD and remains supportive of the positive move. Retreating oil prices undermines the loonie and also contributes to the intraday strength. (FXStreet) Wednesday’s strong gains in prices of the natural gas were in tandem with diminishing open interest and volume, indicating that the continuation of the rebound looks not favoured in the very near term. Against that, the 200-day SMA, today around $6.75 per MMBtu, continues to limit occasional bullish attempts. (FXStreet) NZD/USD turns lower for the second straight day amid the emergence of fresh USD buying. The Fed’s hawkish outlook pushes the US bond yields higher and underpins the greenback. A softer risk tone further benefits the safe-haven buck and weighs on the risk-sensitive kiwi. (FXStreet) USD/JPY edges lower for the third successive day, though the downside remains cushioned. The Fed’s hawkish outlook pushes the US bond yields higher and underpins the greenback. Geopolitical risks and intervention fears might hold back bulls from placing aggressive bets. (FXStreet) GBP/USD holds lower ground inside a one-week-old bearish channel. MACD tease bulls but 1.1510 is the key hurdle. Key Fibonacci retracements could act as an extra filter to the south. (FXStreet) Copper price struggles to cheer pullback in DXY amid fears of higher rates, less demand. China reports strong coronavirus numbers, Fed’s Powell turns down hopes of slower rate hikes. The world refined copper market reported 16,000 tonnes of deficit in August. (FXStreet) USD/CAD retreats from seven-day high, prints the first daily loss in six. Convergence of previous resistance, 200-SMA challenges sellers amid upbeat RSI conditions. Multiple hurdles to test bulls before the yearly top. (FXStreet) An H&S formation has accelerated the odds of a bearish reversal. Overall negative market sentiment has underpinned the greenback. Declining 20-EMA adds to the downside filters. The AUD/USD pair has witnessed fresh demand after a nose-diving to near 0.6326 in the Tokyo session. As the risk-on profile has attempted a rebound after an intense sell-off in the risk-perceived currencies, the antipodean has displayed a pullback move to near 0.6363. (FXStreet) USD/INR has slipped to 82.75 after a breakdown of intraday consolidation. The RBI will provide a special report on inflation equipped with reasons and remedies for higher inflation. Fed’s hawkish guidance has turned the overall risk tone extremely negative. (FXStreet) Silver remains mildly bid inside three-week-old rising wedge bearish chart pattern. Steady RSI suggests continued grinding between 50-DMA and 100-DMA. Two-month-old ascending trend line adds to the downside filters. Silver price (XAG/USD) remains firmer around $19.30 while paring the post-Fed losses during early Thursday in Europe. In doing so, the bright metal rebounds from the 50-DMA to stay inside a three-week-old rising wedge bearish chart pattern. (FXStreet) EUR/USD struggles to defend the bounce off an eight-day low. Sluggish yields allow DXY bulls to take a breather, hawkish ECBspeak also defends pair buyers. Recession woes, Fed’s signals for aggressive rate hikes keep bears hopeful even as ECB’s Lagarde may push back bears. US ISM Services PMI could offer extra signals for Friday’s NFP and direct near-term USD moves. (FXStreet) Gold prices move slightly higher in APAC trading as the US jobs report nears Speculators trimmed their bullish gold bets ahead of the FOMC decision XAU/USD sees a possible trend reversal chance on Double Bottom pattern. (DailyFX) The price of oil climbs to a fresh weekly high ($90.36) following an unexpected decline in US inventories, and crude may attempt to retrace the decline from the October high ($93.48) as it seems to be no longer responding to the negative slope in the 50-Day SMA ($86.44). (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.

2022-11-02 09:44

Market Update - 02 November 2022 The index loses further momentum and approaches 111.00. US ADP report next of relevance in the docket. The Fed is expected to hike rates by 75 bps later on Wednesday. The USD Index (DXY), which tracks the greenback vs. a bundle of its main rival currencies, adds to Tuesday’s retracement and returns to the low-111.00s midweek. (FXStreet) A combination of factors prompts fresh selling around USD/CAD on Wednesday. Rising oil prices underpin the loonie and exert pressure amid a modest USD slide. The downside seems cushioned as investors keenly await the key FOMC decision. (FXStreet) Tuesday’s marked decline in prices of the natural gas was against the backdrop of increasing open interest and volume, hinting at the idea that further losses could lie ahead in the very near term. In such a scenario, the next support of note is seen at the October low near the $5.20 level per MMBtu (October 24). (FXStreet) GBP/USD edges higher on Wednesday amid softer USD, though lacks follow-through. The recent pullback constitutes the formation of a descending channel on hourly charts. Traders seem reluctant to place aggressive bets ahead of the central bank event risks. (FXStreet) Silver finds some support near 100-day SMA, though struggles to attract any buyers. The setup still favours bullish traders and supports prospects for additional gains. A sustained break below the $19.00 mark is needed to negate the positive outlook. (FXStreet) USD/TRY grinds higher around all-time peak amid mixed concerns. Turkish inflation problem versus CBRT’s resistance for rate hike propels the prices. Sluggish yields and indecision over Fed’s move from December challenge buyers. Wednesday’s FOMC, Thursday’s Turkish CPI will be crucial for near-term directions. (FXStreet) NZD/USD attracts fresh buyers on Wednesday after mostly upbeat domestic employment details. Hopes for a less hawkish Fed keep the USD bulls on the defensive and also contribute to the uptick. Investors now look to the highly-anticipated FOMC decision before placing fresh directional bets. (FXStreet) EUR/JPY breaks five-week-old support line during three-day downtrend. MACD prints the biggest bearish signal in a month. A daily closing below September’s peak becomes necessary for the buyers to leave the table. (FXStreet) AUD/USD grinds higher while bracing for the biggest daily gains in a week. One-month-old symmetrical triangle restricts immediate moves amid price-positive oscillators. 100-EMA, weekly resistance line act as additional trading filters. (FXStreet) USD/INR struggles for a clear directions despite pushing back bears. RBI’s likely inaction jostles with Fed’s 75 bps dovish hike to challenge traders, Reuters’ poll signals more pain for INR. Cautious optimism, sluggish yields test upside momentum ahead of FOMC. (FXStreet) EUR/USD stays mildly bid, extending the November-start rebound from one-week low. ECB policymakers back further rate hikes despite citing recession fears. DXY fades US data-led rebound as yields remain pressured amid fears of slower rate hikes from December. US ADP Employment Change, second-tier EU/German data will offer intermediate directions. (FXStreet) Gold appears to have found a short-term floor and could settle in a range with a modest upward bias in the coming days. The yellow metal continues to flirt with key converged support: a horizontal trendline from 2021 at about 1675-1680, roughly coinciding with the 200-week moving average. While losses stalling recently could be interpreted as a sign of rejection at lower levels (that is, a lack of conviction below the September low of 1614), it could well be a matter of time before XAU/USD resumes its next leg lower. In this regard, tonight’s US Federal Reserve rate decision and the accompanying tone would be closely watched. (DailyFX) Tuesday’s retreat from key intraday resistance has raised the odds of a minor setback in USD/JPY. Notwithstanding the recovery in the New York session, USD/JPY continues to hold below key resistance at the October 25 high of around 149.00. This follows a solid bearish reversal on October 21, which came about from a major resistance area: the 1998 high of 147.65, coinciding with the 200-quarter moving average and the upper edge of a rising channel from 2012 (DailyFX) WTI rebound off technical support in focus into November open New to Oil Trading? Get started with this Free How to Trade Oil- Beginners Guide Crude oil rallied more than 8% in October with WTI building on the September rebound off critical support. The recovery is in focus heading into November with oil poised for a possible test of downtrend resistance. These are the updated targets and invalidation levels that matter on the oil price weekly technical chart (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.

2022-11-01 09:38

Market Update - 01 November 2022 AUD/USD is paring back gains as RBA Lowe fails to impress. The dovish RBA rate hike did little to deter AUD bulls amid China-led risk flows. All eyes now remain on the US ISM, Australian housing data and the Fed decision. (FXStreet) USD/CHF snaps a three-day winning streak to over a one-week high amid modest USD weakness. Expectations for another 75 bps Fed rate hike should limit the USD losses and lend some support. A positive risk tone could undermine the safe-haven CHF and warrants caution for bearish traders. (FXStreet) Monday’s strong advance in prices of natural gas was accompanied by increasing open interest and volume, allowing the commodity to extend the bounce in the very near term and with the immediate hurdle at the 200-day SMA, today at $6.750 per MMBtu. (FXStreet) A combination of factors prompts aggressive selling around USD/CAD on Tuesday. Rising oil prices underpin the loonie and exert pressure amid a modest USD downtick. The downside seems limited amid recession fears and ahead of the FOMC meeting. (FXStreet) EUR/USD regains positive traction on Tuesday amid the emergence of some USD selling. The technical set-up favours bullish traders and supports prospects for additional gains. A sustained break below mid-0.9800s is needed to negate the near-term positive bias. (FXStreet) Silver price extends bounce off 50-DMA to renew intraday high. Bulls jostle with 100-DMA, descending trend line from early October. Firmer oscillators favor bulls but daily closing beyond $19.55 appears necessary to test previous monthly peak. Two-month-old ascending support line acts as additional downside filter. (FXStreet) GBP/USD is eying more upside above 1.1517 as the market mood has turned cheerful. The DXY has refreshed the day’s low at 111.28 despite soaring hawkish Fed bets. A collective effort of tight monetary policy and fiscal will weigh on price growth in the UK. (FXStreet) Gold price bounces off five-week-old support line amid pullback in DXY, yields. Mixed concerns over Fed, sluggish session allow XAU/USD traders to brace for FOMC. Upbeat performance of Chinese equities adds strength to the recovery moves. US data, risk catalysts could entertain traders but bears stay hopeful. (FXStreet) USD/JPY bounces off intraday low during the first daily fall in three. 10-DMA restricts immediate declines amid sluggish yields. BOJ’s stealth intervention, mixed concerns over Fed triggered earlier pullback. US ISM, S&P Global Manufacturing PMIs will precede FOMC to direct traders, bulls are likely to keep the reins. (FXStreet) USD/IDR remains firmer around the highest levels since April 2020, marked the previous day. Indonesia Inflation, S&P Global PMI for October ease below market forecasts. US dollar’s struggle to extend previous run-up amid mixed feeling over Fed limits immediate upside. (FXStreet) USD/INR is heading towards 83.00 despite a steep fall in the DXY. Goldman Sachs sees the terminal rate at 5% beyond the Fed’s projected rate of 4.8%. RBI policymakers will also discuss the inflation report for the first time in the monetary policy framework. (FXStreet) AUD/NZD retreats from intraday high after RBA’s Interest Rate announcement. RBA announced a 0.25% rate hike while matching market forecasts. Strong NZ Building Permits previously dragged the quote to fresh multi-day low. RBA Governor’s speech, NZ jobs report and RBNZ’s Orr will be important to defend the buyers. (FXStreet) NZD/USD’s trend on intraday charts indicates that the trend remains up as it attempts to break above vital resistance at the October 6 high of 0.5815. This resistance is important as a decisive break above it could open the way towards 0.6000-0.6050 (including the 50% retracement of the August-October fall). (DailyFX) WTI and Brent crude oil prices are marginally lower in early Asia-Pacific trading, extending Monday’s drop as Chinese Covid lockdowns and rising interest rates weigh on the commodity’s demand outlook. Crude oil finished 8.86% higher in October despite Monday’s 2.18% decline. That broke a four-month losing streak that pushed prices below the $80 level. (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.

2022-10-28 09:51

Market Update - 28 October 2022 USD/JPY extends its relentless rally in the European session this Thursday, as the Bank of Japan’s (BOJ) status-quo on its monetary policy settings combined with the dovish rhetoric from Governor Haruhiko Kuroda revived the yen selling. Meanwhile, the extended recovery in the US dollar across its major peers, in the wake of the upbeat American advance Q3 GDP and end-of-the-week flows, also aids the renewed upside the pair. The index adds to Thursday’s advance and approaches 111.00. The risk complex remains on the defensive following the ECB event. Core PCE, Final Consumer Sentiment next on tap in the docket. The greenback picks up extra pace in the second half of the week and approaches the key 111.00 region when measured by the USD Index (DXY) on Friday. Gold price takes offers to refresh intraday low, pares weekly gains. DXY traces yields to extend previous day’s rebound ahead of US Core PCE Inflation data for September. Risk remains sour amid inflation/growth fears even as central bank policy hawks retreat. Gold price (XAU/USD) consolidates the second weekly upside as bears poke the $1,658 level heading into Friday’s European session. In doing so, the yellow metal traces the recent downside in commodities and Antipodeans amid the US dollar’s rebound. Thursday’s strong advance in prices of natural gas was on the back of a small uptick in open interest, which suggests that further upside could be in store for the commodity in the very near term. Against that, the 200-day SMA around $6.73 per MMBtu continues to cap the upside for the time being. NZD/USD has sensed selling pressure at around 0.5870 as the DXY has rebounded. Risk sentiment is turning averse as S&P500 futures have extended their morning losses. A slowdown in consumer spending has trimmed hawkish Fed bets. Prices of the WTI extended the weekly recovery on Thursday. The small uptick was in tandem with increasing open interest and volume and opens the door to some consolidation in the very near term and with the immediate target at the $90.00 mark per barrel and beyond. GBP/JPY is expected to deliver a steep fall below 169.00 despite an ultra-loose BOJ policy. The BOJ will continue policy easing to achieve pre-pandemic growth rates. Next week, the BOE could announce a rate hike by 75 bps to combat mounting price pressures. USD/CAD takes offers to reverse the previous day’s bounce off monthly low. RSI, MACD suggests further downside past immediate horizontal support. 50-DMA, two-month-old ascending trend line lures bears, fortnight-long resistance line, 21-DMA test buyers. The greenback bulls are facing barricades at the downward sloping trendline placed from 83.30. A Positive Divergence signals a resumption in the dominant trend after a corrective move. The DXY is struggling to sustain above 110.50 amid mixed market sentiment. The USD/INR pair is struggling to cross the immediate hurdle of 82.40 in the Tokyo session. However, the US dollar index (DXY) has witnessed a minor correction after failing to sustain above the critical resistance of 110.50. Meanwhile, risk sentiment remains quiet as S&P500 futures are holding their morning losses. GBP/USD aims to recapture 1.1600 as DXY struggles amid declining odds for the ultra-hawkish Fed. A slowdown in consumer spending has indicated that the inflationary pressures are exhausting. UK’s novel leadership is focusing on squeezing liquidity through fiscal policy. EUR/JPY pares the biggest daily loss in five weeks, whipsaws after BOJ’s verdict. BOJ left benchmark rate, YCC policy unchanged while matching market forecasts. Sustained trading beyond 100-SMA, monthly support line keeps buyers hopeful. Weekly resistance line holds the key to fresh multi-month high. AUD/JPY has eased its morning gains and has dropped to 94.40 on BOJ’s unchanged monetary policy. BOJ’s Kuroda has continued its ultra-dovish policy stance due to weak inflation and growth prospects. The RBA may continue its 25 bps rate hike extent despite a historic surge in inflation. Silver price snaps three-day winning streak but sellers remain cautious of late. Firmer RSI, a struggle to break 200-SMA keep buyers hopeful. Fortnight-old rising wedge bearish formation teases sellers amid a sluggish session. (FXStreet) EUR/USD falls back from a fresh monthly high (1.0094) even as the European Central Bank (ECB) implements another 75bp rate hike, and fresh data prints coming out of the US may fuel the recent decline in the exchange rate as the Personal Consumption Expenditure (PCE) Price Index is anticipated to show sticky inflation. (DailyFX) AUD/USD is trading at trendline resistance as prices eye a second consecutive weekly gain. A break above the trendline would bode well for the price outlook, but the 50-day Simple Moving Average poses a near-term obstacle above that. MACD is increasing towards its midpoint, reflecting healthy price momentum. Alternatively, a reversal lower would threaten the 2022 low. (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.