EUR/GBP has faced pressure around 0.8575 as UK Services PMI has matched expectations. The UK economy is facing issues of labor shortages due to Brexit and early retirements. ECB Nagel has cited that the central bank has not reached the end of policy-tightening yet. (FXStreet)

USD/CAD reverses from 50-SMA to renew intraday high. Firmer RSI backs recovery from short-term key SMA, suggesting further upside towards three-week-old resistance line. 200-SMA, mid-June peak holds the key to Loonie pair buyer’s conviction. Downside break of 50-SMA isn’t open invitation for the bears targeting yearly low. (FXStreet)

EUR/JPY picks up bids to renew intraday high, consolidates the biggest weekly loss in five. Yields recover as fears of economic slowdown join US-China jitters. Mixed German data, fears of Japan intervention weigh on prices. Eurozone PPI, risk catalysts will be crucial for clear directions. (FXStreet)

AUD/JPY has attempted a decent recovery from 96.50 despite discussions about BoJ’s stealth intervention escalation. A poll from Reuters showed that Japanese diplomats could intervene if the Japanese Yen depreciates to 145.00 against the US Dollar. The decision of maintaining the status quo by the RBA could be the outcome of a decline in the monthly CPI. (FXStreet)

USD/CHF edges higher within weekly symmetrical triangle, mildly bid for third consecutive day. Firmer RSI suggests upside break of immediate triangle but five-week-old resistance line, 200-SMA will test Swiss pair buyers. Multiple levels to challenge bears before directing them to YTD low marked in June. (FXStreet)

USD/JPY struggles within weekly trading range near YTD high amid sluggish sentiment. Cautious mood ahead of Fed Minutes, Japan intervention fears and recession woes prod sentiment. Downbeat RSI suggests Yen pair’s gradual grinding towards the south but 200-HMA appears the key support. Bulls have a bumpy road towards the north to travel even if they cross 144.65 immediate hurdle. (FXStreet)

NZD/USD is consolidating around 0.6200 as FOMC minutes have come under spotlight. S&P500 futures have extended losses in Europe, portraying strength in the risk-aversion theme. Thursday’s ADP Employment report is expected to show additions of 180K employees in June. (FXStreet)

AUD/USD has dropped to near 0.6680 as the focus shifts to the US labor market and FOMC minutes. Caixin Services PMI has sharply dropped to 53.9 from the former release of 57.1. Investors are hoping that FOMC minutes could provide confident cues that the Fed would raise interest rates two times by year-end. (FXStreet)

USD/INR struggles to defend the previous day’s recovery from two-month low. Fresh fears of Sino-American trade war, downbeat China Caixin Services PMI weigh on sentiment along with recession woes. Cautious mood underpins USD/INR rebound but softer US data, downbeat Oil price prod Indian Rupee sellers. Fed Minutes should defend Chairman Powell’s hawkish statements to keep USD/INR bulls hopeful. (FXStreet)

WTI Crude Oil prices face rejection near the 50-DMA and drift lower on Wednesday. The formation of a descending triangle on the daily chart favours bearish traders. A sustained strength beyond the $72.00 mark is needed to negate the negative bias. (FXStreet)

Gold price reverses an intraday dip on Wednesday, though lacks follow-through. Economic woes and the worsening US-China ties benefit the safe-haven metal. A modest USD strength might cap gains ahead of the FOMC meeting minutes. (FXStreet)

Silver meets with some supply on Wednesday and snaps a three-day winning streak. The setup favours bearish traders and supports prospects for further intraday losses. A sustained strength beyond the $23.00 mark is needed to negate the bearish outlook. (FXStreet)

Source: FXStreet

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