Fundamental

The bullish retracement has created a bearish head and shoulders chart pattern in line with the dominant trend, which will complete below $1.1600.

The AUD/USD pair prolongs its weekly uptrend for the third straight day and climbs to a fresh high since June 2022, closer to the 0.7200 mark on Wednesday.

EUR/USD stabilizes slightly above 1.1600 in the European session on Wednesday as investors await February inflation data from the United States (US), while assessing the latest headlines surrounding the Middle East crisis and comments from European Central Bank (ECB) policymakers.

Gold is extending the recovery above the $5,200 barrier in Asian trades on Wednesday, as buyers appear hopeful heading into the US Consumer Price Index (CPI) data release for further upside traction.

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

Silver is up for a third consecutive day on Tuesday, helped by a better market mood, weighing on US Dollar (USD) demand. The XAG/USD pair nears the $90 mark despite the escalating crisis in the Middle East.