Technical Analysis

The US Dollar weakens as markets price an 85% chance of a Fed rate cut. DXY stays under pressure while GBP/USD and EUR/USD maintain bullish momentum.

Despite a rough monthly open, the US Dollar is currently trading within a key technical range, a factor that holds FX Markets firmly in balance despite some individual breakouts seen in pairs like NZD/USD or GBP/USD.

The USDJPY rate remains under pressure as a combination of weak US data and expectations of BoJ tightening supports the yen. The current quote is 155.35.

Gold and silver prices are higher in midday U.S. trading Wednesday, with silver hitting another record high and closing in on $60.00 an ounce.

Positive US fundamental data may trigger a rally in USDJPY towards 157.50. 

The EUR/USD pair retreated to 1.1612 on Tuesday, pulling back from a recent two-week high. The catalyst for the move was a significant repricing of US interest rate expectations following weak manufacturing data.

On 21 November, we outlined a descending channel on the XBR/USD chart and noted that the bearish trend had been fuelled by easing geopolitical risks and hopes for an end to the war in Ukraine.

The AUDUSD rate is moderately rising, having consolidated above the 0.6500 level. The Reserve Bank of Australia does not plan to cut rates in the near term. Discover more in our analysis for 28 November 2025.

While US Markets are away for the Thanksgiving holiday, leaving the broader session fairly calm, the FX markets remain open and active, with all eyes turning to the Kiwi Dollar (NZD), posting yet another strong session.