The EUR/USD pair halted its four-day losing streak, trading near 1.0270 during the Asian session on Friday. A review of the daily chart shows a persistent bearish bias, with the pair moving down within a descending channel pattern. The 14-day Relative Strength Index (RSI), a key momentum indicator, is hovering near the 30 level, indicating oversold conditions and a possible upside correction in the near term. However, the nine-day Exponential Moving Average (EMA) remains below the 14-day EMA, signaling weaker near-term price momentum and reinforcing the overall bearish sentiment. The...
The US Dollar (USD) strengthened to start the new year as trading conditions returned to normal after the holiday season. The US economic calendar will feature the ISM Manufacturing Purchasing Managers' Index (PMI) data for December later in the day. Investors will also be looking for comments from central bank officials. The USD Index rose more than 0.7% on Thursday and hit its highest level since November 2022 above 109.50. On Friday morning, the index retreated towards 109.00. The risk-averse market mood helped the USD outperform its rivals on the first trading day of the...
The Australian Dollar (AUD) continued its gains for the second straight session against the US Dollar (USD) on Friday. The AUD gained support following a Financial Times report that the People's Bank of China (PBOC) is expecting a timely interest rate cut this year. As a close trading partner, any fluctuations in the Chinese economy are likely to affect the Australian market. The National Development and Reform Commission (NDRC), China's state planner, expressed confidence in achieving a sustained economic recovery by 2025. In a statement on Friday, the agency highlighted plans to...