Analyzes

The US Dollar just reminded markets that trends are rarely linear.

The Pound Sterling (GBP) staged a late rebound from near three-month lows against the US Dollar (USD), testing the critical 1.3440 supply zone.

USD/JPY remains bullish overall, but the 160 level is still a major barrier, with pullbacks likely to find support near 158 and 156 before another breakout attempt.

EUR/USD remains under pressure below the 200-day EMA, with rallies likely to be faded unless the pair can reclaim 1.1650 and shift the near-term outlook.

The EUR/USD pair bounced back in the last few days, settling for the week around 1.1530. The Iran war and central banks’ monetary policy announcements took centre stage, yet none was enough to impress speculative interest.

Gold (XAU/USD) extended its slide into a third consecutive week and lost more than 6%, its worst weekly performance since March 2020, as major central banks adopted a hawkish tone because of the upside risks to inflation posed by rising energy prices.