EUR/USD Price Analysis: Hovers below the psychological resistance of 1.0900

Technical analysis suggests a bullish sentiment for the EUR/USD pair. The 14-day Relative Strength Index (RSI) is positioned above the 50 mark, indicating strength in buying momentum. Additionally, the Moving Average Convergence Divergence (MACD) shows a divergence above the signal line and remains above the centerline. Although a lagging indicator, this alignment indicates a confirmation of the bullish momentum for the EUR/USD pair.

On the upside, the immediate resistance appears at the nine-day Exponential Moving Average (EMA) at 1.0897, aligned with the psychological level of 1.0900. A break above the latter could lead the EUR/USD pair to navigate the major barrier at 1.0950, followed by the previous week’s high at 1.0963.

EUR/USD: Daily Chart Below

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Gold Price Forecast: Investors will watch Fed’s pivot to easing monetary policy before adding XAU/USD – ANZ

Gold prices pared Wednesday’s gains after the release of higher-than-expected US PPI. Economists at ANZ Bank analyze the yellow metal’s outlook.

Strategic investments in form of ETFs are yet to turn positive
Strong CPI and PPI numbers this week weighed on market expectations of a sooner rate cut this year.

Market pricing for a 25 bps rate cut in June is 75%, down from 95% at the start of the week. The FOMC is adopting a cautious stance and would like to see more evidence of inflation falling to the target of 2% before start cutting interest rates.

Investors will watch the Fed’s pivot to easing monetary policy before adding Gold.

Strategic investments in form of ETFs are yet to turn positive.

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GBP/USD hangs near one-week low, looks to US macro data for fresh impetus

GBP/USD continues losing ground for the second straight day and drops to over a one-week low during the Asian session on Friday. Spot prices trade around the 1.2735 region and seem vulnerable to slide further amid some follow-through US Dollar buying.

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GBP/USD seen recovering to the 1.3000 area on a 12-month view – Rabobank

Economists at Rabobank retain a constructive view for the Pound Sterling (GBP) this year.

EUR/GBP to move lower toward 0.8400 in the latter half of this year
On balance, we retain a modestly constructive picture for GBP vs. the EUR for the year ahead. This is supported by our house expectation that the BoE could retain steady policy until September. This compares with our forecast of rate cuts from both the ECB and the Fed in June. We continue to forecast a move to EUR/GBP 0.8400 in the latter half of this year.

We expect that the interest rate differential, signs of an improving UK economic outlook combined with the prospect of a dull UK election and a relatively stable political backdrop should provide moderate support for the Pound.

We see Cable recovering to the 1.3000 area on a 12-month view, though we see scope for dips on a one-to-three-month view on bouts of broad-based USD strength.

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