The Australian Dollar (AUD) remained on the back foot for the second straight day on Thursday, with AUD/USD retreating to as low as the 0.6530 region, where some initial contention appears to have resurfaced.
The EUR/USD pair fell towards 1.1577 on Wednesday, as the US Dollar (USD) surged on the back of the Federal Reserve (Fed) monetary policy announcement.
Ian Coleman reveals a EUR/USD Cypher pattern with 1:10 risk/reward before Thursday’s ECB decision. Lagarde’s inflation focus could drive the Euro higher while technical support at 1.1563 offers tight stop loss at 1.1542. Entry, target, and breakout levels inside.
The U.S. Federal Reserve aligned with market expectations for an interest rate cut this week, as Chair Jerome Powell announced a 25-basis-point rate cut on Wednesday, sparking a buy-the-rumor, sell-the-news reaction in Bitcoin (BTC) and the broader crypto market.
USD/MXN is showing a modest rebound, but the broader downtrend remains intact as peso strength continues to dominate due to favorable rate differentials and strong economic ties to the U.S.
Bitcoin retraced early Wednesday gains as traders remain cautious around Fed policy direction, with key support at $110,000 and resistance near $120,000.