EURUSD

EUR/USD is moving back and forth around 1.0950 in the early European morning. The pair is struggling to find direction as investors are awaiting speeches from Fed Chair Powell and ECB President Lagarde for fresh guidance on interest rates.

 If the pair continues the uptrend to the range of 1.0991, it is expected to continue the uptrend to the range of 1.1022.

On the other hand, If the pair continues the downtrend to the range of 1.0916, it is expected to continue the downtrend to the range of 1.0872.

USDJPY

USD/JPY buyers lack upside momentum during early Wednesday as the Yen pair seesaws near 144.00, printing mild losses heading into the European session. The quote’s latest performance appears interesting as it stays within the weekly rising wedge bearish chart formation while making rounds to the highest levels since November 2022.

if the pair continues the uptrend to the range of 144.72, it is expected to continue the uptrend to the range of 145.28.

On the other hand, If the pair continues the downtrend to 143.52, it is expected to continue the downtrend to 142.96.  

GBPUSD

GBP/USD is trading under pressure, heading toward 1.2700 in early Europe. The pair is undermined by an extended US Dollar rebound and a cautious risk tone, as traders remain on the sidelines ahead of key speeches from Fed Chair Powell and BoE Governor Bailey.

If the pair continues the uptrend to the range of 1.2771, it is expected to continue the uptrend to the range of 1.2794.

On the other hand, if the pair continues the downtrend to 1.2682, it is expected to continue the downtrend to 1.2659.

AUDUSD

AUD/USD is consolidating losses near 0.6650, having hit three-week lows after the Australian CPI rose 5.6% YoY in May vs. 6.1% expected. Softer-than-expected Australian inflation data fanned RBA rate hike pause bets. Focus shifts to Powell’s speech.

If the pair continues the uptrend to the range of 0.6663, it is expected to continue the uptrend to the range of 0.6692.        

On the other hand, if the pair continues the downtrend to 0.6610, it is expected to continue the downtrend to 0.6598.

XAUUSD

Gold price stays defensive as traders struggle within jungle to technical levels ahead of key ECB Forum speeches. Upbeat US data, fears of Sino-American tussle prod XAU/USD bulls. Receding fears of recession in US, China allow Gold buyers to remain hopeful.

If the pair continues the uptrend to the range 1926.02, it is expected to continue the uptrend to the range of 1938.29.

On the other hand, if gold continues the downtrend to the range of 1898.65, it is expected to continue the downtrend to the range 1886.38.

Federal Reserve (Fed) Chairman Jerome Powell, European Central Bank (ECB) President Christine Lagarde, Bank of England (BoE) Governor Andrew Bailey and Bank of Japan (BoJ) Kazuo Ueda will be speaking at a panel at the ECB Forum on Central Banking in Sintra on Wednesday. The US economic docket will feature Goods Trade Balance for May and the Fed will release the Bank Stress Test results later in the day.

After the data from the US showed that New Home Sales rose at an impressive pace in May and the CB Consumer Confidence Index improved noticeably in June, the US Dollar (USD) managed to stay resilient against its rivals late Thursday. Nevertheless, the risk-positive market environment didn’t allow the currency to gather bullish momentum. Early Wednesday, the US Dollar Index clings to small daily gains above 102.50 and US stock index futures trade modestly lower on the day.

During the Asian trading hours, the data from Australia showed that the Consumer Price Index (CPI) rose 5.6% on a yearly basis in May. This reading followed the 6.8% increase recorded in April and came in below the market expectation of 6.1%. Pressured by the soft inflation data, AUD/USD fell to its lowest level in three weeks, below 0.6650.

EUR/USD climbed toward 1.1000 and registered strong gains on Tuesday. Ahead of the ECB event, the pair stays in a consolidation channel at around 1.0950.

GBP/USD is having a difficult time holding its ground and trading below 1.2750 on Wednesday after having closed in positive territory on Tuesday.

USD/JPY rally continued and the pair reached a fresh multi-month high of 144.20 on Tuesday. “We are closely watching currency moves with a strong sense of urgency,” Japan’s top currency diplomat Masato Kanda said on Wednesday. “We will respond appropriately if it becomes excessive.” Following these comments, the pair holds steady at around 144.00.

USD/CAD gained traction and climbed above 1.3200 on Tuesday after Statistics Canada reported that the annual CPI declined to 3.4% in May from 4.4% in April. The pair continues to stretch higher early Wednesday and was last seen trading near 1.3230.

Gold failed to benefit from the broad US Dollar weakness on Tuesday as US Treasury bond yields staged a rebound. XAU/USD stays on the back foot and trades at its weakest level since early March near $1,910.

Bitcoin snapped a three-day losing streak on Tuesday but met resistance near $31,000. Early Wednesday, BTC/USD corrects lower and trades below $30,500. Ethereum continues to fluctuate in a narrow channel below $1,900 for the sixth straight day on Wednesday.