USD trades mixed on comments from Fed officials

GBP: ECB's Dovish Stance Keeps BoE Expectations in Check

Euro Gives Back Intraday GainsUSD trades mixed on comments from Fed officials - 1

The euro currency rose to a four-week high after GDP numbers came out better than forecast.

But price action soon gave back the gains as the resistance level proved too hard to breach.

Price action briefly rose past 1.2144 before retreating from the resistance level between 1.2177 and 1.2144. For the moment, the EURUSD remains well above the 12th February lows.

However, a close below this level could see further short term declines. The main support level at 1.2050 remains the downside target for the moment.

GBPUSD Slips But Upside Remains IntactUSD trades mixed on comments from Fed officials - 2

The British pound sterling continues to post steady gains. Price action was seen trading a bit weaker after testing highs of 1.3951 on Tuesday.

But a quick recovery from the intraday lows is keeping the upside bias intact.

Further gains could likely see the cable testing the 1.4000 round number level in the near term.

To the downside, the current intraday lows near 1.3869 and the highs from 10th February at 1.3866 form the initial support.

Only a strong close below this level will open the downside toward the 12th Feb lows at 1.3775.

Crude Oil Retreats From 60.92USD trades mixed on comments from Fed officials - 3

WTI crude oil prices are giving back the gains after prices touched a new 13-month high earlier this week.

The declines come after prices fell to fill the gap from last Friday at 59.55. With most of the intraday declines already pulling back, the upside could resume.

The fundamentals remain bullish for oil markets especially with the cold winter in the US. This could see oil prices likely to test the 61.00 level next to the upside.

Any corrections could likely stall near the 57.35 level for the moment. Establishing support here could also further strengthen the potential for more gains.

Gold Slips Below 1817 Technical SupportUSD trades mixed on comments from Fed officials - 4

The precious metal lost the 1817.79 technical support on Tuesday.

However, after prices fell to intraday lows of 1789.37, there was a quick recovery.

The current pullback could see gold prices retesting the 1817.79 level once again. The bias remains mixed as we could see some consolidation taking place near this level.

Only a strong close below 4th Feb lows of 1784 will see further downside.

The next key target for gold is near the 1764.22 level of support. To the upside, gains could be limited to the 1850 handle once again.

GBP: ECB's Dovish Stance Keeps BoE Expectations in Check

John Benjamin

John Benjamin is a Macro-Analyst at Orbex. John has over 8 years of experience specializing in the currency markets, tracking the macroeconomic and geopolitical developments shaping the financial markets. John applies a mix of fundamental and technical analysis and has a special interest in inter-market analysis and global politics.