technical

The USD/JPY pair builds on the previous day’s modest rebound from sub-158.00 levels, or a nearly three-week low, and gains some positive traction on Thursday.

Bitcoin price pulled back to $70,000 on Thursday from this week’s high of $72,550. The BTC/USD pair has dropped sharply from its all-time high of 126,200. It has formed a bearish flag pattern, pointing to more downside in the near term.

Gold appears at a critical juncture in Asia on Thursday, battling the $4,700 mark as traders await a clear directional impetus amid scepticism over the US-Iran ceasefire agreement and the Strait of Hormuz impasse.

The ongoing recovery in the Aussie Dollar appears to have firmed in the last days, allowing bulls to regain control while opening the door for AUD/USD to potentially challenge the upper end of its yearly range sooner rather than later.

Euphoria. That’s the best way to describe the market reaction to Tuesday’s headlines about the US-Iran two-week ceasefire.

Today’s Gold Support Points: $4760 – $4710 – $4630 per ounce.