Fundamental

Bitcoin price rebounded and surged to the highest point in over a month as traders embraced a risk-on sentiment.

The AUD/USD exchange rate stabilized as the US dollar pared back some of the recent gains. It also rebounded after Australia released strong Australia GDP data. It was trading at 0.7075, much higher than this week’s low o.6945.

·       Gold builds on Wednesday’s rebound and reverts to $5,200 again early Thursday.

Markets have a peculiar habit of mistaking the first punch for the final bell. Yesterday, Asia looked like a trading desk after a margin clerk walked in unannounced. Today, the same screens are glowing green again as if the crisis were merely a technical glitch rather than a geopolitical storm.

Since the rejection from annual highs at the 1.2100 level in late January, the short-term outlook for EUR/USD has been becoming worse and worse. The recent break below the important 200-day SMA also opens up the possibility of further retracements in the near-term horizon.

Spot Gold bounced from its weekly low and trades with modest gains on Wednesday, still confined to the lower end of its weekly range. Despite the Middle East crisis continuing to intensify, financial markets seem to have dropped panic, and speculative interest moves with modest caution.