Midweek Market Buod: USD Rallies Bago FOMC Meeting Minutes

Ang US Dollar:

Sa Lunes artikulo https://www.wikifx.com/en/newsdetail/202203302654517267.html), nag-highlight kami na ang US Dollar ay hovering karapatan sa ibaba ng 99.00 area, at ipinaliwanag na posibleng hamunin muli ang paglaban nito.

Pagkatapos, ito ay nangyari - kanan bago ang FOMC Meeting Minutes sa ika-7 ng Abril sa UTC +8.00 sa.

Sa panahon ng pagsusulat, ang US Dollar ay kalakalan sa itaas ng 99.500 saklaw. Kung ang nakaraang pagtutol ay maaari na ngayong magsilbing bagong suporta, ang susunod na susi na ang Dollar ay maaaring heading patungo sa 100.00 psychological pagtutol.

Ang darating na mga minuto ng pagpupulong ay inaasahang ihayag ang mga detalye na may kinalaman sa balanseng plano nito. Natural, ang US Dollar ay maaari ring malugod na tanggapin ang ilang mga antas ng pagkasumpungin sa panahon ng release na ito.

Ginto

Sa pang-araw-araw na tsart, ang ginto ay gumagalaw pa rin sa isang sideways na walang malinaw na kahulugan ng direksyon.

Dropping down to a lower time frame, yesterday, gold had a big movement of nearly 300 pips. It rallied up to 1945 but failed to conquer 1950, and then quickly dropped to the 1916 level followed by big bearish candles.

For the time being, it seems like gold has found its support within its consolidation phase as shown on the daily chart above.

While the overall direction is still unknown, gold traders could take intraday trades with its daily fluctuation because it is more volatile than currency pairs.

GBP/JPY:

The GBP/JPY tested its support around the 159.00 area and has continued to move upwards once again.

The Japanese Yen continues to display weakness as the Bank of Japan (BoJ) holds firmly onto its dovish view (previously mentioned here: https://www.wikifx.com/en/newsdetail/202203282494383016.html).

Zooming out to the fortnightly chart of GBP/JPY, it is likely that this pair is heading towards the 164.500 area that was tested several days ago. A breakout above this strong resistance which was last seen in 2016 could potentially bring GBP towards the 170.000 level.

EUR/USD:

The EUR/USD formed a fake breakout around 1.11400 in the last 2 days of March. Since the start of April, it has been dropping bearishly and could head towards the 1.08000 support level.

In our article here https://www.wikifx.com/en/newsdetail/202203233834339738.html, we provided a guide that hopefully had helped the EUR/USD traders and/or investors. We highlighted the need to wait for a retest to avoid being caught in a fake breakout situation.

AUD/USD:

The AUD/USD has also broken above its key resistance zone of 0.75 – 0.75500.

It had a strong bullish momentum up to the 0.76600 level before dramatically retracing back to the 0.75500 area.

For the time being, this old resistance zone of 0.75 – 0.75500 will be a crucial area to pay attention to. Failing to stay above this area could send AUD/USD south whereas sustaining above could potentially bring AUD/USD back to the 0.76600 level or higher in the near future.