Gold faces a wall of resistance near $1,970 …

EURUSD

The EUR/USD pair has witnessed some selling interest after facing stiff barricades around 1.0700 in the early European session. The major currency pair is consistently defending the crucial support of 1.0670, therefore, a breakdown of the same would result in wider bearish ticks.

 If the pair continues the uptrend to the range of 1.0728, it is expected to continue the uptrend to the range of 1.0764.

On the other hand, If the pair continues the downtrend to the range of 1.0632, it is expected to continue the downtrend to the range of 1.0596.

USDJPY

USD/JPY is trading with mild losses below 139.50 in Wednesday’s early European hours. The pair is undermined by the ongoing sell-off in the US Treasury bond yields, which is dragging the US Dollar lower. Focus shifts to Japanese Q1 GDP data, in the absence of top-tier US economic data.

if the pair continues the uptrend to the range of 140.05, it is expected to continue the uptrend to the range of 140.46.

On the other hand, If the pair continues the downtrend to 138.68, it is expected to continue the downtrend to 138.27.      

GBPUSD

GBP/USD remains pressured for the fourth consecutive day, fades bounces off intraday low. Fears of British economic woes, sluggish markets allow Cable bears to keep the reins. Political news, Fed vs. BoE chatters will direct Pound Sterling traders.

If the pair continues the uptrend to the range of 1.2458, it is expected to continue the uptrend to the range of 1.2492.

On the other hand, if the pair continues the downtrend to 1.2358, it is expected to continue the downtrend to 1.2324.

AUDUSD

The AUD/USD pair enters a bullish consolidation phase on Wednesday and oscillates in a narrow trading band just below over a three-week high touched during the Asian session. Weaker-than-expected economic data from Australia and China turns out to be a key factor acting as a headwind for the major.

If the pair continues the uptrend to the range of 0.6701, it is expected to continue the uptrend to the range of 0.6731.        

On the other hand, if the pair continues the downtrend to 0.6656, it is expected to continue the downtrend to 0.6626.

XAUUSD

Gold price lacks clear directions even as bulls have an upper hand for the second consecutive week. In doing so, the precious metal depicts the sluggish markets amid an absence of the Federal Reserve (Fed) talks and a lack of major data on the calendar.

If the pair continues the uptrend to the range 1968.54, it is expected to continue the uptrend to the range of 1980.54.

On the other hand, if gold continues the downtrend to the range of 1949.49, it is expected to continue the downtrend to the range 1944.54.