NZD/USD faded after a brief bounce as risk-off flows and a dovish RBNZ (vs a slower-moving Fed) keep the pair biased lower while it holds below 0.60 and especially below 0.5920.
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Gold is consolidating above former resistance near $5,150, with $5,000 as key downside support and $5,500 the next upside target if dip-buying continues.
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Bitcoin remains range-bound with heavy resistance near $72,000 and key support at $60,000, suggesting consolidation is the best-case scenario unless bulls reclaim higher levels.
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Uniswap (UNI) has staged a sharp rebound, pushing back above the $4.00 level after weeks of muted price action.
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The British Pound has rallied on Wednesday, as traders could continue to see upward pressure that we are trying to send this market to the next big figure.
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The Euro rose a bit in the early part of the Wednesday session, as we see the 1.18 level offers a bit of a magnet for price.
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Silver was bullish again on Wednesday, as we are trying to break to the $100 level above. Short-term pullbacks could also be buying opportunities.
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USD/JPY remains in a larger consolidation range, as we continue to see the interest rate differential play out in the “carry trade.”
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The US dollar tried to breakout against the Canadian dollar but failed as the resistance has held so far.
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The Australian dollar rallied again during the trading session as we are looking to finally break out above the crucial 0.7150 level. Ultimately, the central bank in Australia is a big factor.
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The Bitcoin market was strong on Wednesday, as traders are perhaps out there looking to take advantage of “cheap Bitcoin.” This is a market that has been horrible, so value hunters are probably going to be attracted to this asset.
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The Nasdaq 100 rallied on Wednesday so show signs of life going forward. At this point, the markets are still in a range, but it looks as if we are trying to reach the top of the range.
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The technical picture looks short-term bearish as the price falls below key support levels with bearish momentum.
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The New Zealand dollar has jumped enough to reach the 0.60 level on Wednesday, as it takes advantage of US dollar weakness.
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The USD/ILS exchange rate continued its strong downward trend, and is hovering near its lowest level in years, even as geopolitical risks in the Middle East have risen. The pair was trading at 3.0864 on Thursday, down sharply from 4.0858, its highest level since October 2023.
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