Gold bears concentrate on $1,925 break and Fed Chair Powell …

EURUSD

The EUR/USD pair is demonstrating a non-directional performance above the round-level support of 1.0900 in the Asian session. The major currency pair is following the footprints of the sideways US Dollar Index (DXY), which is expected to provide action after Federal Reserve (Fed) chair Jerome Powell’s testimony.

 If the pair continues the uptrend to the range of 1.0945, it is expected to continue the uptrend to the range of 1.0972.

On the other hand, If the pair continues the downtrend to the range of 1.0892, it is expected to continue the downtrend to the range of 1.0866.

USDJPY

USD/JPY regains upside momentum, after reversing from the yearly top the previous day, as it makes rounds to the intraday high of around 141.75 heading into Wednesday’s European session. The Yen pair cheers the latest breakout of an immediate resistance line stretched from the yearly top marked on Monday.

if the pair continues the uptrend to the range of 142.66, it is expected to continue the uptrend to the range of 143.08.

On the other hand, If the pair continues the downtrend to 141.02, it is expected to continue the downtrend to 140.60.      

GBPUSD

GBP/USD gained traction and advanced toward 1.2800 with the initial reaction to the UK inflation data, which showed that the Consumer Price Index (CPI) rose 8.7% on a yearly basis in May, matching April’s increase and surpassing the market expectation of 8.4%.

If the pair continues the uptrend to the range of 1.2810, it is expected to continue the uptrend to the range of 1.2855.

On the other hand, if the pair continues the downtrend to 1.2717, it is expected to continue the downtrend to 1.2669.

AUDUSD

AUD/USD is catching a fresh bid, bouncing toward 0.6800 in Wednesday’s Asian session. The Aussie is benefiting from a pause in the US Dollar uptick as the market gears up for the bi-annual testimony of Fed Chair Jerome Powell. Fresh US-China woes could cap the upside in the pair.

If the pair continues the uptrend to the range of 0.6799, it is expected to continue the uptrend to the range of 0.6845.        

On the other hand, if the pair continues the downtrend to 0.6742, it is expected to continue the downtrend to 0.6696.

XAUUSD

Gold price fades two-day-old bearish bias as it recovers from the intraday low amid the full market’s return. Even so, the yellow metal appears indecisive as a whole amid the mixed catalysts surrounding the US Fed and China, as well as the market’s inaction.

If the pair continues the uptrend to the range 1952.23, it is expected to continue the uptrend to the range of 1968.07.

On the other hand, if gold continues the downtrend to the range of 1913.99, it is expected to continue the downtrend to the range 1898.15.