The markets are cautious with a slight risk-off sentiment. Currencies are being driven by interest rate differentials and economic data. Gold is experiencing a correction, and oil prices are awaiting fresh catalysts.

EUR/USD

• Euro edges lower despite German business confidence rising.
• The ECB is expected to deliver rate cuts, but the timing is uncertain.
• Resistance at 1.0729 and 1.0757, with support at 1.0684 and 1.0656.
• Forecast: EUR/USD may see choppy trading with a slight downward bias. Upside potential exists if US data disappoints.

GBP/USD

• Pound remains pressured by inflation concerns and potential for a hawkish Fed.
• Resistance at 1.2478 and 1.2532, with support at 1.2340 and 1.2383.
• Forecast: GBP/USD likely to remain under pressure with downside potential. Buying opportunities may arise on rebounds towards resistance levels.

AUD/USD

• Australian dollar edges higher after inflation data comes in higher than expected.
• RBA likely done with rate hikes, but may hold steady until inflation eases.
• Resistance at 0.6555 and 0.6618, with support at 0.6487 and 0.6424.
• Forecast: AUD/USD may see some consolidation or a slight upward move if risk sentiment improves.

USD/CAD

• Canadian dollar dips after retail sales data disappoints.
• BoC holding steady on rates for now, but a cut could be coming later in the year.
• Resistance at 1.3773, with support at 1.3651 and 1.3579.
• Forecast: USD/CAD may see some upward movement, with downside potential if risk sentiment weakens.

USD/JPY

• Dollar continues to strengthen against the Yen, reaching new yearly highs.
• BoJ intervention remains a possibility to limit further Yen weakness.
• Resistance at 155.29, with support at 154.55 and 154.82.
• Forecast: USD/JPY likely to maintain its upward bias in the near term, but watch for potential intervention or profit-taking leading to pullbacks.

Gold

• Gold prices have fallen sharply after reaching a new all-time high.
• Uncertain whether the correction is a temporary pullback or a reversal of the uptrend.
• Positive factors include the Gold/Copper ratio remaining in a rising trend channel.
• Forecast: Gold prices could remain volatile. Upside potential depends on risk sentiment and inflation concerns. Downside risk exists if the correction extends.

Bitcoin (BTCUSD):

• Potential pullback before uptrend: Expect a small price dip before a possible rise to $71,635.77.

Ripple (XRPUSD):

• Downtrend expected: Price may fall to $0.461.

Ethereum (ETHUSD):

• Downtrend continuing: Price may fall to $2,907.00.