technical

Gold (XAU/USD) gathered bullish momentum and climbed to a fresh two-week high, but erased a large portion of its gains in the second half of the week.

The US Dollar (USD) gave away part of its previous gains and ended the week in the red, always amid increasing uncertainty surrounding the geopolitical landscape in the Middle East coupled with the equally vacillating message from the White House.

USD/CHF rallied to the key 0.80 level and 200-day EMA Thursday as spiking US rates and a 0% Swiss franc yield made for an easy carry trade, with a break above Tuesday’s high needed to confirm a sustained bullish move toward higher ground.

AUD/NZD grinds higher as RBA rate hikes diverge from expected RBNZ cuts, with 1.1950 support and the 50-day EMA near 1.19 backing a bullish move toward 1.2150 and a longer-term target at 1.23.

Copper bounced from the critical $5.50 level Thursday as spiking US yields sparked a risk-off selloff, with bulls watching $5.70 for a breakout toward $6.00 and bears eyeing a drop to the 200-day EMA at $5.34 if support fails.

AUD/JPY pulled back before finding buyers near the 50-day EMA and 110 yen support, with the interest rate differential and Japan’s oil import vulnerability keeping the bullish trend intact and a target set at 112.30 with a stop at 109.