Sellers need validation from 13-day-old support around 1.0700

EUR/USD extends previous day’s pullback from one-month high. Clear break of 50-day EMA, RSI retreat favor sellers. 38.2% Fibonacci retracement holds the key to further advances. EUR/USD remains pressured around the intraday low, stretching Tuesday’s pullback from the monthly peak during Wednesday’s Asian session. That said, the major currency pair seesaws around 1.0730-25 by the … Read more

Russia foreign minister Lavrov met Saudi counterpart, both praised OPEC+ cooperation

Reuters reports that Russian Foreign Minister Sergei Lavrov on Tuesday met Saudi counterpart Prince Faisal bin Farhan Al Saud and both men praised the level of cooperation inside OPEC+, the Russian foreign ministry said. “They noted the stabilizing effect that the tight cooperation between Russia and Saudi Arabia has on world markets for hydrocarbons in … Read more

USD/CAD declines towards monthly lows at 1.2630 ahead of BOC policy, oil falls

USD/CAD is eyeing a re-test of its monthly lows at 1.2629 as investors await BOC monetary policy. The BOC is expected to elevate its interest rate by 50 bps. Oil prices faced selling pressure at around $120.00. The USD/CAD is displaying a downside move in the Asian session, following the bearish sentiment on a broader … Read more

EUR/USD oscillates above 1.0730 ahead of ECB’s Lagarde, Eurozone jobless rate, and US ISM PMI

EUR/USD is juggling around 1.0733 ahead of multiple economic events. An improvement is expected in the eurozone jobless rate at 6.7% vs. 6.8% earlier. ECB policymaker is expecting two consecutive rate hikes in June and September by 25 bps. The EUR/USD pair is displaying back and forth moves in a narrow range of 1.0730-1.0740 in … Read more

Trades mixed below 0.7200 ahead of Aussie GDP, rising wedge eyed

AUD/USD consolidates pullback from three-week high, sidelined of late. Australia’s Q1 2022 GDP is estimated to have softened by 0.7% QoQ. Bearish chart pattern, RSI retreat keeps sellers hopeful. 200-SMA adds to the downside filters, recovery moves have multiple hurdle to tackle. AUD/USD picks up bids to 0.7178 as bears lick their wounds after the … Read more