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The Aussie Dollar started a fresh increase above the 0.7000 resistance against the US Dollar. The AUD/USD pair gained pace above 0.7050 to move into a positive zone.

The pair even climbed above 0.7120 on FXOpen, but the bears seem to be active near the 0.7130 zone. The pair is now consolidating below the 0.7120 zone and the 50 hourly simple moving average. An immediate resistance on the upside is near the 0.7110 level and a connecting bearish trend line on the hourly chart.

If there is an upside break above the 0.7110 zone, the pair could rise steadily towards the 0.7130 level in the near term. The next major resistance sits near the 0.7180 level.

An immediate support is near the 0.7080 level. The next key support is near the 0.7050 level. A downside break below the 0.7050 support could lead the pair towards the 0.7000 support.

Gold has staged a massive rebound since November, erasing a significant part of its 2022 decline. Moreover, the price stormed to a fresh nine-month high last week, but quickly pared its latest gains as its advance seems to be running out of juice.

The momentum indicators are reflecting this loss of positive momentum. Specifically, the MACD histogram is softening below its red signal line in the positive region, while the stochastic oscillator is sloping downwards after posting a bearish cross in the 80-overbought zone.

If selling pressures intensify further, the recent support of 1,916 could curb initial declines. Should that floor collapse, bullion could descend to test 1,896 before the 1,866 barrier comes under examination. Failing to halt there, the 1,825 region might provide additional downside protection.

On the flipside, should buyers regain control, the price could meet immediate resistance at the recent rejection point of 1,949, which is also a nine-month high. Breaching this wall, the bulls might aim for the crucial 2,000 psychological mark. A break above that zone could set the stage for the 2022 high of 2,070.

Overall, gold appears to be losing upside momentum but is retaining its medium-term bullish setup. Hence, the commodity is likely to enter a consolidation phase in the case that the ascending trendline rejects downside moves.

Germany GDP contracted -0.2% qoq in Q2, worse than expectation of 0.0% qoq. Comparing to the same quarter a year ago, GDP rose 0.5% in price adjusted term, or 1.1% in price and calendar adjusted term. For 2022 as a whole, GDP grew 1.8% (price adjusted), or 1.9% (price and calendar adjusted).

DeStatis said, After the German economy managed to perform well despite difficult conditions in the first three quarters, economic performance slightly decreased in the fourth quarter of 2022.

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Daily Pivots: (S1) 160.38; (P) 161.00; (R1) 161.58; More…

Intraday bias in GBP/JPY remains neutral and outlook is unchanged. On the downside, break of 155.33 low will resume the fall form 172.11 to 153.70 fibonacci level next. Nevertheless, sustained trading above 55 day EMA (now at 161.94) will turn bias to the upside, for stronger rise back to 169.26/172.11 resistance zone.

In the bigger picture, as long as 163.02 support turned resistance holds, decline from 172.11 medium term top is expected to continue to 38.2% retracement of 123.94 to 172.11 at 153.70. Sustained break there will raise the change of trend reversal and target 61.8% retracement at 142.34. Nevertheless, break of 163.02 support turned resistance will argue that the decline has completed, and retain medium term bullishness.

Daily Pivots: (S1) 140.66; (P) 141.26; (R1) 141.69; More….

Range trading continues in EUR/JPY and intraday bias stays neutral. On the downside, break of 137.37 will resume the whole decline from 148.38 to 135.40 fibonacci level next. However, firm break of 142.84 will argue that the correction from 148.38 has completed, and bring stronger rise back to 146.71 resistance.

In the bigger picture, as long as 55 week EMA (now at 138.81) holds, larger up trend from 114.42 (2020 low) is still in progress for 149.76 long term resistance. However, firm break of 55 week EMA will bring deeper fall to 38.2% retracement of 114.42 to 148.38 at 135.40. Sustained break there will raise the chance of trend reversal, and target 61.8% retracement at 127.39.

Daily Pivots: (S1) 0.8760; (P) 0.8788; (R1) 0.8802; More…

Intraday bias in EUR/GBP stays neutral and outlook is unchanged. On the upside, firm break of 0.8896 will resume the rise from 0.8545 and target 61.8% projection of 0.8545 to 0.8896 from 0.8720 at 0.8937. On the downside, break of 0.8720 will resume the fall from 0.8896 instead.

In the bigger picture, the notable support from 55 day EMA (now at 0.8752) retains near term bullishness. Break of 0.8896 should target 0.9267 (2022 high) and possibly above, to resume whole up trend from 0.8201 (2022 low). However, break of 0.8270 support and sustained trading below 55 day EMA will set the stage for 0.8545 and below.

Daily Pivots: (S1) 1.5254; (P) 1.5291; (R1) 1.5325; More…

EUR/AUD recovered after drawing support from 1.5271 support and intraday bias is turned neutral first. On the upside, firm break of 1.5425 will indicate short term bottoming, and turn bias back to the upside for 55 day EMA (now at 1.5513) and above. On the downside, decisive break of 1.5271 will carry larger bearish implication and bring deeper fall to 61.8% retracement of 1.4281 to 1.5976 at 1.4928.

In the bigger picture, it's still early to confirm if rise from 1.4281 represents bullish trend reversal. But as long as 1.5271 support holds, such rally is in favor to continue. Break of 1.5976 will target 1.6434 key resistance next. On the other hand, firm break of 1.5271 will retain medium term bearishness instead.

Daily Pivots: (S1) 0.9992; (P) 1.0015; (R1) 1.0035; More….

EUR/CHF recovered after hitting 0.9992 minor support and intraday bias remains neutral first. On the downside, break of 0.9986 minor support will turn bias back to the downside, to extend the corrective pattern from 1.0095 with another leg, back towards 0.9873 support. On the upside, firm break of 1.0095 will resume whole rally from 0.9407 low.

In the bigger picture, the initial rejection by 55 week EMA (now at 1.0039) mixed up the outlook. On the upside, sustained trading above 55 week EMA will raise the chance of bullish trend reversal. Rise from 0.9407 should then target 1.0505 cluster resistance (2020 low at 1.0505, 61.8% retracement of 1.1149 to 0.9407 at 1.1484). However, firm break of 0.9832 support will revive medium term bearishness and bring retest of 0.9407 low instead.

The Dax 40 steadies as investors eye the Fed and ECB duo’s decisions. On the daily chart, the index is still hovering in the February 2022 sell zone around 15240. The RSI’s double top in the overbought area and a brief venture below the psychological level of 15000 has shaken out the weaker hands. A close back above 15240 would signal renewed strength and momentum buying could drive bids towards 15600. Otherwise, 15070 is a fresh support along with the recent swing low of 14900 as a second layer of defence.

The pound edges higher as traders expect hawkish dissent within the Monetary Policy Committee. On the daily chart, the pair is trying to hold on to its gains after clearing the supply zone 0.8820-0.8850. Regarding intraday levels, the latest surge came to a halt at the former hourly support of 0.8850 and a drop below 0.8770 is a sign of weakness. 0.8800 is now a fresh resistance and 0.8730 a critical level to keep the single currency afloat. Its breach could push the bulls to abandon ship and send the price below 0.8690.