Analyzes

The Euro (EUR) bounced back on Wednesday, with EUR/USD reclaiming the 1.1640 zone after sliding to three-week lows near 1.1570 earlier in the day.

Spot Gold continued to consolidate gains throughout the first half of Wednesday, accelerating north after Wall Street’s opening amid broad US Dollar (USD) weakness. The XAU/USD pair trades near the $3,400 mark, and at its highest in two weeks.

The Australian Dollar (AUD) chopped around on Wednesday, with AUD/USD flipping between gains and losses near the 0.6500 mark. The pair’s lack of conviction came as the US Dollar (USD) stayed firm and risk-related assets remained broadly under pressure.

The EUR/USD pair came under renewed selling pressure throughout the first half of the day, falling to a fresh two-week low of 1.1574 during European trading hours.

GBP/USD trades in the red below 1.3450 after posting small gains on Tuesday. The pair faces a key support level at 1.3430.

EUR/USD stays under selling pressure following Tuesday’s modest recovery and trades at its lowest level in three weeks below 1.1600 in the European session on Wednesday. The pair’s technical picture highlights a buildup of bearish momentum.