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USD/JPY appears to be on track to test the April 2002 high (133.82) as the Bank of Japan (BoJ) remains reluctant to move away from its easing cycle, and the exchange rate may continue to appreciate over the coming days as the recent rally pushes the Relative Strength Index (RSI) back into overbought territory.
While RBA Governor Philip Lowe has mentioned that Ukraine is fueling uncertainty on the inflation outlook, the central bank has been adopting a more hawkish stance of late. Markets are now pricing in the first RBA rate hike in June.
NZD/USD appeared to be threatening the ascending channel from earlier this year as it slipped toward the 50-Day SMA (0.6799), but the exchange rate may continue to hold above the moving average as it snaps the series of lower highs and lows from the yearly high (0.7034).
NZD/USD bounces back from a fresh monthly low (0.6806) as theUS Consumer Price Index (CPI)generates a bearish reaction in the US Dollar, and the exchange rate may stage a larger recovery over the coming days as it seems to be carving a bullish outside day candle formation.
Great Britain Pound:
The British Pound was on track to finish the week sharply lower against the U.S. dollar on Friday, pressured by weak UK economic data, soaring U.S. bond yields and some risk-off sentiment. During New York afternoon market hours, GBP/USD was down 1.44% to 1.2840 on the day and off 1.68% over the past five sessions, trading at lows not seen since September 2020.
Gold traded to its lowest value in the last nine trading days with market forces taking the June 2022 futures contract to $1870.90 this morning. After opening at $1886.80, gold futures drifted lower and then recovered strongly. As of 4:30 PM EDT, the most active June 2022 gold contract is fixed at $1896.20 which is a net gain of $7.50. More importantly if it finishes this Globex session at these levels it will be a strong indication that the support level at $1885 is active support.