AUDUSD’s previous weekly gain appears a one-off affair unless the US inflation signals keep softening.
Gold price again hits the key support around $1,895 comprising the 200-EMA and an upward-sloping trend line from late November 2022.
GBPUSD defends the last Thursday’s rebound from the 200-EMA to brace for the first weekly gain in three.
EURUSD pares weekly losses within a fortnight-long falling wedge bullish chart formation ahead of Fed Minutes.
The chances of seeing more upward movement in AUDUSD seem uncertain due to the 21-EMA and 50-EMA coming together near the 0.6700 level, which poses a challenge for bullish traders.
The USDJPY currency pair has experienced a notable reversal from its eight-month high, which has significance for the sellers.
EURUSD holds onto the previous week’s U-turn from a five-month-old horizontal resistance.
Gold price is likely to remain bearish but the south run is less likely to be smooth.
AUDUSD remains on the back foot at the three-week low after posting the biggest weekly loss since August 2022 on Australia inflation day.
USDCAD remains depressed at the year-to-date levels ahead of Canada inflation and US Durable Goods Orders.
Despite posting the first weekly loss in four, the GBPUSD pair stays beyond the key supports.
Gold Price breaks a month-old bearish channel towards the south and suggests further downside past the latest three-month low surrounding $1,920.