AUD/USD portrays a fourth attempt to pierce the key 0.7000 threshold. Broad US dollar weakness, upbeat equities and commodities helped Aussie to ignore pandemic fears. China inflation data, Australian housing market figures and US Jobless Claims to decorate the calendar.
The daily chart shows an acceleration away from the top of the flag pattern. The price has now broken out of the blue resistance line which was the previous consolidation high back in 2011 after the price dropped from the all-time high.
USD/JPY has been dropping steadily throughout the session and broke the previous wave low of 107.24. This makes a new lower low lower high formation on the hourly chart after the previous wave low was a resolute support zone.
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The cryptocurrency market recovery is driven by altcoins. XRP, BCH, ADA, LINK, XLM and other coins have been smashing resistance levels one after another with no particular fundamental reason.
Stellar (XLM), the 14th largest digital asset, has gained over 10% of its value in the recent 24 hours to trade at $0.0791, at the time of writing. The coin has been growing rapidly since the start of the week and increased by over 16% on a week-on-week basis.
Cardano (ADA) has been one of the best-performing altcoins in recent days. The coin gained over 85% of its value in ten days and ousted Bitcoin SV from the sixth place in the global cryptocurrency market rating.
SPECIAL WEEKLY FORECAST
After the financial markets went into chaos in March, and desperately look to stabilize in April, investors began to recover their optimism throughout May and June, hoping for a soon-to-come economic comeback.
Super Saturday – Brits can go to the pub for the first time since March and may also celebrate the pound's minor recovery. While markets cheered the Non-Farm Payrolls, America's coronavirus situation and Brexit talks will likely continue weighing on cable and could turn into another "dead cat bounce."
The AUD/USD pair is up for a second consecutive week, and it has recovered the 0.6900 threshold, although it couldn’t run beyond it. In the previous two weeks, the pair met sellers in the 0.6970 price zone.
The week was tough for the cryptocurrency markets confined to tight ranges. Bitcoin has lost 1% of its value during the recent seven days with the trading range limited by $9,298 on the upside and $8,933 on the downside.
Gold Weekly Forecast: What happened the last time gold broke out of its highs after such a long pullback
Despite some positive data this week there still seems to be lots of reasons for investors/traders to look for some safety. The COVID-19 pandemic is showing no signs of slowing down in the US as a record number of cases is being printed almost every day.
Gold has finally broken above $1,800 and continues its gradual journey higher, buoyed by central banks and coronavirus concerns. How is XAU/USD positioned on the technical charts?
The Technical Confluences Indicator is showing that the next upside target is $1,806, which is where the Pivot Point one-week Resistance 2 hits the price. Soft resistance is at $1,812, which is where the PP one-day awaits.
The next targets are more significant and are also marked by pivot points. The powerful PP one-month R1 awaits at $1,821, and it is followed by the PP one-week R3 at $1,823.
Some support is tat $1,797, which is the convergence of the previous daily high, the Simple Moving Average 5-1h, and the Bollinger Band 15min-Middle.
The next cushion is at $1,789, which is the confluence of the SMA 10-4h, the previous weekly high, the Fibonacci 38.2% one-day, and the SMA 5-1h.